fitb-20201022

Fifth Third Announces Third Quarter 2020 Results

Reported diluted earnings per share of $0.78

Reported results included a negative $0.07 impact from certain items on page 2



Key Financial Data							Key Highlights

$ millions for all balance sheet and income statement items
	3Q20			2Q20			3Q19	–Very strong reported and adjusted return metrics, reflecting strong operating results –Credit losses well below previous expectations with a NCO ratio of 0.35%, the lowest level since 2Q19 –PPNR^(a) exceeded previous guidance, led by strong fees and better-than-expected NII performance (interest-bearing core deposit costs down 14 bps, more than previous guidance) –3Q20 NIM was negatively impacted ~48 bps due to excess liquidity and Paycheck Protection Program (PPP) loans –Strong balance sheet; CET1 ratio of 10.14% well above target range, with record balance sheet liquidity –Grew tangible book value per share for six consecutive quarters

Income Statement Data
Net income available to common shareholders	$562		$163		$530
Net interest income (U.S. GAAP)	1,170		1,200		1,242
Net interest income (FTE)^(a)	1,173		1,203		1,246
Noninterest income	722		650		740
Noninterest expense	1,161		1,121		1,159

Per Share Data
Earnings per share, basic	$0.78		$0.23		$0.72
Earnings per share, diluted	0.78		0.23		0.71
Book value per share	29.25		28.88		27.32
Tangible book value per share^(a)	23.06		22.66		21.06

Balance Sheet & Credit Quality
Average portfolio loans and leases	$113,362		$118,506		$109,541
Average deposits	155,911		150,598		125,206
Net charge-off ratio^(b)	0.35	%	0.44	%	0.36	%
Nonperforming asset ratio^(c)	0.84		0.65		0.47

Financial Ratios
Return on average assets	1.14	%	0.40	%	1.28	%
Return on average common equity	10.7		3.2		10.7
Return on average tangible common equity^(a)	13.8		4.3		14.2
CET1 capital^(d)(e)	10.14		9.72		9.56
Net interest margin^(a)	2.58		2.75		3.32
Efficiency^(a)	61.3		60.5		58.4
Other than the Quarterly Financial Review tables beginning on page 13, commentary is on a fully taxable-equivalent (FTE) basis unless otherwise noted. Consistent with SEC guidance in Industry Guide 3 that contemplates the calculation of tax-exempt income on a taxable-equivalent basis, net interest income, net interest margin, net interest rate spread, total revenue and the efficiency ratio are provided on an FTE basis.

CEO Commentary

"Our third quarter results were very strong despite the challenging operating dynamics. We remain intently focused on taking appropriate actions for our customers, our employees, and our communities during these uncertain times. I am very proud of the way our employees have responded to support our customers and each other.

Our financial performance once again highlighted the strength of our franchise and our ability to navigate the current environment. Our already strong capital and liquidity levels further improved this quarter, and our credit performance was better than previous expectations, indicative of our balance sheet strength which will serve us well throughout this challenging environment.

We have consistently communicated our through-the-cycle principles of disciplined client selection, conservative underwriting, and an overall balance sheet management approach focused on long-term performance. We have also executed numerous strategic actions over the last several years in anticipation of an eventual downturn in the economy.

Given the anticipated revenue headwinds, we are very focused on optimizing our expense base to maintain healthy levels of returns. To that end, we took proactive measures during the quarter to ensure Fifth Third continues to generate sustainable, long-term value for shareholders. We continue to believe we are well-positioned to emerge from the pandemic as a top performing regional bank."

-Greg D. Carmichael, Chairman, President and CEO

Investor contact: Chris Doll (513) 534-2345 | Media contact: Ed Loyd (513) 534-6397 October 22, 2020


Income Statement Highlights
($ in millions, except per share data)	For the Three Months Ended					% Change
	September	June	September
	2020	2020	2019	Seq	Yr/Yr
Condensed Statements of Income
Net interest income (NII)^(a)	$1,173	$1,203	$1,246	(2)%	(6)%
(Benefit from) provision for credit losses	(15)	485	134	NM	NM
Noninterest income	722	650	740	11%	(2)%
Noninterest expense	1,161	1,121	1,159	4%	—
Income before income taxes^(a)	$749	$247	$693	203%	8%

Taxable equivalent adjustment	$3	$3	$4	—	(25)%
Applicable income tax expense	165	49	140	237%	18%
Net income	$581	$195	$549	198%	6%
Dividends on preferred stock	19	32	19	(41)%	—
Net income available to common shareholders	$562	$163	$530	245%	6%
Earnings per share, diluted	$0.78	$0.23	$0.71	239%	10%

Fifth Third Bancorp (NASDAQ^®: FITB) today reported third quarter 2020 net income of $581 million compared to net income of $195 million in the prior quarter and $549 million in the year-ago quarter. Net income available to common shareholders in the current quarter was $562 million, or $0.78 per diluted share, compared to $163 million, or $0.23 per diluted share, in the prior quarter and $530 million, or $0.71 per diluted share, in the year-ago quarter.

Diluted earnings per share impact of certain items - 3Q20

(after-tax impacts^(f); $ in millions, except per share data)

Valuation of Visa total return swap within other noninterest income

$(17)

Restructuring charges:

Severance expense within compensation and benefits expense

(15)

Branch and non-branch real estate charges within other noninterest income

(8)

Rent impairment charges within net occupancy expense

(7)

COVID-19-related expenses^(g)

(4)

After-tax impact^(f)of certain items

$(51)

Diluted earnings per share impact of certain items

$(0.07)

Diluted earnings per share impact reflect 718.894 million average diluted shares outstanding


Net Interest Income
(FTE; $ in millions)^(a)	For the Three Months Ended												% Change
	September				June			September
	2020				2020			2019			Seq	Yr/Yr
Interest Income
Interest income	$1,332		$1,406			$1,629			(5)%	(18)%
Interest expense	159		203			383			(22)%	(58)%
Net interest income (NII)	$1,173		$1,203			$1,246			(2)%	(6)%
Adjusted NII^(a)	$1,160		$1,188			$1,218			(2)%	(5)%

Average Yield/Rate Analysis									bps Change
Yield on interest-earning assets	2.93	%	3.21	%		4.34	%		(28)	(141)
Rate paid on interest-bearing liabilities	0.51	%	0.66	%		1.41	%		(15)	(90)

Ratios
Net interest rate spread	2.42	%	2.55	%		2.93	%		(13)	(51)
Net interest margin (NIM)	2.58	%	2.75	%		3.32	%		(17)	(74)
Adjusted NIM^(a)	2.55	%	2.71	%		3.25	%		(16)	(70)

Compared to the prior quarter, reported NII decreased $30 million, or 2%. Excluding purchase accounting accretion of $13 million in the current quarter and $15 million in the prior quarter, adjusted NII decreased $28 million, or 2%. The decrease was primarily attributable to a decline in commercial and industrial (C&I) loans and the impact of lower market rates. These impacts were partially offset by the actions taken to reduce deposit costs, the full-quarter impact of PPP loans, the favorable impact of previously executed cash flow hedges, and day count. Compared to the prior quarter, reported and adjusted NIM decreased 17 bps and 16 bps, respectively, driven by the unfavorable impacts from elevated cash balances (approximately 15 bps drag on NIM compared to the prior quarter), lower market rates, and lower C&I loan balances, partially offset by benefits from lower deposit costs and previously executed cash flow hedges. NIM was negatively impacted approximately 48 bps due to PPP loans and excess liquidity compared to historical balances.

Compared to the year-ago quarter, reported NII decreased $73 million, or 6%. Excluding purchase accounting accretion, adjusted NII decreased $58 million, or 5%, primarily reflecting lower market rates and lower commercial loan balances, partially offset by reduced deposit costs and the favorable impact of previously executed cash flow hedges, as well as growth in both the indirect secured consumer (predominantly indirect automobile) and lower-yielding PPP portfolios. Compared to the year-ago quarter, reported NIM decreased 74 bps. Adjusted NIM, which excludes purchase accounting accretion, decreased 70 bps, primarily reflecting the impact of elevated cash balances and lower market rates, partially offset by benefits from lower deposit costs and previously executed cash flow hedges.


Noninterest Income
($ in millions)	For the Three Months Ended					% Change
	September	June	September
	2020	2020	2019	Seq	Yr/Yr
Noninterest Income
Service charges on deposits	$144	$122	$143	18%	1%
Commercial banking revenue	125	137	123	(9)%	2%
Mortgage banking net revenue	76	99	95	(23)%	(20)%
Wealth and asset management revenue	132	120	124	10%	6%
Card and processing revenue	92	82	94	12%	(2)%
Leasing business revenue	77	57	92	35%	(16)%
Other noninterest income	26	12	64	117%	(59)%
Securities gains, net	51	21	5	143%	920%
Securities losses, net - non-qualifying hedges
on mortgage servicing rights	(1)	—	—	NM	NM
Total noninterest income	$722	$650	$740	11%	(2)%

Reported noninterest income increased $72 million, or 11%, from the prior quarter, and decreased $18 million, or 2%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below. Reported results in the current quarter include securities gains, including approximately $5 million attributable to mark-to-market impacts related to non-qualified deferred compensation assets, which were offset in noninterest expense, resulting in an immaterial impact to pre-tax income.


Noninterest Income excluding certain items
($ in millions)	For the Three Months Ended
	September		June		September
	2020		2020		2019
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)	$722	$650		$740
Valuation of Visa total return swap	22	29		11
Branch and non-branch real estate charges	10	12		—
Securities gains, net	(51)	(21)		(5)
Noninterest income excluding certain items^(a)	$703	$670		$746

Compared to the prior quarter, noninterest income excluding certain items increased $33 million, or 5%. Compared to the year-ago quarter, noninterest income excluding certain items decreased $43 million, or 6%.

Compared to the prior quarter, service charges on deposits increased $22 million, or 18%, with improving commercial deposit fees reflecting a partial normalization of treasury management service volumes and lower earnings credits, as well as elevated consumer deposit fees compared to the prior quarter which included hardship-related fee waivers. Commercial banking revenue decreased $12 million, or 9%, primarily reflecting a decrease from the record high capital markets revenue in the prior quarter. Mortgage banking net revenue decreased $23 million, or 23%, primarily driven by an unfavorable MSR net valuation adjustment and an increase in MSR decay resulting from higher prepayment speeds. Current quarter mortgage originations of $4.5 billion increased 32% compared to the prior quarter. Wealth and asset management revenue increased $12 million, or 10%, primarily driven by higher personal asset management revenue and brokerage fees. Card and processing revenue increased $10 million, or 12%, reflecting increases in credit and debit transaction volumes. Leasing business revenue increased $20 million, or 35%, primarily driven by an increase in business solutions revenue.

Compared to the year-ago quarter, service charges on deposits increased $1 million, or 1%, as increased commercial deposit fees were partially offset by a decline in consumer deposit fees. Commercial banking revenue increased $2 million, or 2%, reflecting increases in both debt and equity capital markets revenue, partially offset by lower M&A advisory fees and financial risk management revenue. Mortgage banking net revenue decreased $19 million, or 20%, primarily driven by an unfavorable MSR net valuation adjustment and an increase in MSR decay resulting from higher prepayment speeds, partially offset by improved gain on sale margin and higher mortgage originations. Wealth and asset management revenue increased $8 million, or 6%, primarily driven by higher personal asset management revenue and brokerage fees. Card and processing revenue decreased by $2 million, or 2%, primarily reflecting lower commercial card transaction volumes, partially offset by elevated debit transaction volumes and lower rewards. Leasing business revenue decreased $15 million, or 16% primarily reflecting lower lease remarketing revenue.


Noninterest Expense
($ in millions)	For the Three Months Ended									% Change
	September		June		September
	2020		2020		2019			Seq	Yr/Yr
Noninterest Expense
Compensation and benefits	$637	$627		$584		2%	9%
Net occupancy expense	90	82		84		10%	7%
Technology and communications	89	90		100		(1)%	(11)%
Equipment expense	33	32		33		3%	—
Card and processing expense	29	29		33		—	(12)%
Leasing business expense	35	33		40		6%	(13)%
Marketing expense	23	20		40		15%	(43)%
Intangible amortization expense	12	12		14		—	(14)%
Other noninterest expense	213	196		231		9%	(8)%
Total noninterest expense	$1,161	$1,121		$1,159		4%	—

Reported noninterest expense increased $40 million, or 4%, from the prior quarter, and increased $2 million from the year-ago quarter. The reported results reflect the impact of certain items in the table below.


Noninterest Expense excluding certain items
($ in millions)	For the Three Months Ended
	September		June		September
	2020		2020		2019
Noninterest Expense excluding certain items
Noninterest expense (U.S. GAAP)	$1,161	$1,121		$1,159
Restructuring severance expense	(19)	—		—
Intangible amortization expense	(12)	(12)		(14)
Rent impairment charges	(9)	—		—
COVID-19 related expenses^(g)	(5)	(12)		—
Merger-related expenses	—	(9)		(28)
FHLB debt extinguishment charge	—	(6)		—
Noninterest expense excluding certain items^(a)	$1,116	$1,082		$1,117

Compared to the prior quarter, noninterest expense excluding certain items increased $34 million, or 3%, primarily reflecting an increase in other noninterest expense and marketing expense, partially offset by lower compensation and benefits expense (which included approximately $7 million in non-qualified deferred compensation expense in the current quarter compared to a $22 million expense in the prior quarter). Compared to the year-ago quarter, noninterest expense excluding certain items decreased $1 million, primarily reflecting lower marketing expense and other noninterest expense, partially offset by an increase in compensation and benefits expense.


Average Interest-Earning Assets
($ in millions)	For the Three Months Ended									% Change
	September		June		September
	2020		2020		2019			Seq	Yr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$54,004	$59,040		$51,241		(9)%	5%
Commercial mortgage loans	11,069	11,222		10,692		(1)%	4%
Commercial construction loans	5,534	5,548		5,267		—	5%
Commercial leases	2,966	3,056		3,562		(3)%	(17)%
Total commercial loans and leases	$73,573	$78,866		$70,762		(7)%	4%
Consumer loans:
Residential mortgage loans	$16,618	$16,561		$16,736		—	(1)%
Home equity	5,581	5,820		6,267		(4)%	(11)%
Indirect secured consumer loans	12,599	12,124		10,707		4%	18%
Credit card	2,134	2,248		2,448		(5)%	(13)%
Other consumer loans	2,857	2,887		2,621		(1)%	9%
Total consumer loans	$39,789	$39,640		$38,779		—	3%
Total average portfolio loans and leases	$113,362	$118,506		$109,541		(4)%	3%

Average Loans and Leases Held for Sale
Commercial loans and leases held for sale	$55	$68		$127		(19)%	(57)%
Consumer loans held for sale	1,196	844		998		42%	20%
Total average loans and leases held for sale	$1,251	$912		$1,125		37%	11%

Securities and other short-term investments	$66,091	$56,806		$38,188		16%	73%
Total average interest-earning assets	$180,704	$176,224		$148,854		3%	21%

Compared to the prior quarter, total average portfolio loans and leases decreased 4%, primarily driven by a decline in C&I loans, partially offset by an increase in indirect secured consumer loans (predominantly indirect automobile). Average commercial portfolio loans and leases decreased 7%, reflecting lower C&I revolving line of credit utilization and a decline in commercial mortgage loans, partially offset by the full-quarter impact of PPP loans. Average consumer portfolio loans were flat, as higher indirect secured consumer loans were offset by lower home equity and credit card balances.

Compared to the year-ago quarter, total average portfolio loans and leases increased 3%, reflecting growth in C&I loans as well as continued growth in indirect secured consumer loans. Average commercial portfolio loans and leases increased 4%, reflecting elevated C&I balances predominantly from PPP loans and growth in commercial mortgage loans, partially offset by the expected decline in commercial leases. Average consumer portfolio loans increased 3%, as higher indirect secured consumer loans were partially offset by lower home equity and credit card balances.

Total period-end commercial portfolio loans and leases of $71 billion (including $5.2 billion in PPP loan balances) decreased $4 billion, or 6%, from the prior quarter, and increased $1 billion, or 1%, from the year-ago quarter. The sequential decline reflected lower revolving line utilization throughout the current quarter. Period-end commercial revolving line utilization was 33%, compared to 38% in the prior quarter and 36% in the year-ago quarter.

Average available-for-sale debt and other securities of $35.4 billion (amortized cost) decreased 2% compared to the prior quarter and increased 2% compared to the year-ago quarter. Average other short-term investments (which includes interest-bearing cash) of $29.8 billion increased $10 billion compared to the prior quarter and increased $27.3 billion compared to the year-ago quarter.


Average Deposits
	($ in millions)	For the Three Months Ended									% Change
		September		June		September
		2020		2020		2019			Seq	Yr/Yr
	Average Deposits
	Demand	$50,414	$45,761		$35,223		10%	43%
	Interest checking	49,800	49,760		37,729		—	32%
	Savings	17,013	16,354		14,405		4%	18%
	Money market	31,151	30,022		26,962		4%	16%
	Foreign office^(h)	189	182		222		4%	(15)%
	Total transaction deposits	$148,567	$142,079		$114,541		5%	30%
	Other time	3,711	4,421		5,823		(16)%	(36)%
	Total core deposits	$152,278	$146,500		$120,364		4%	27%
	Certificates - $100,000 and over	3,633	4,067		4,795		(11)%	(24)%
	Other deposits	—	31		47		(100)%	(100)%
	Total average deposits	$155,911	$150,598		$125,206		4%	25%

Compared to the prior quarter, average core deposits increased 4%, with growth in all deposit captions except other time deposits. Average demand deposits represented 33% of total core deposits in the current quarter compared to 31% in the prior quarter. Average commercial transaction deposits increased 6% and average consumer transaction deposits increased 3%.

Compared to the year-ago quarter, average core deposits increased 27%, reflecting double-digit growth in all deposit captions except other time and foreign office deposits. Average commercial transaction deposits increased 47% and average consumer transaction deposits increased 14%.

The period end loan-to-core deposit ratio was 72% in the current quarter, compared to 75% in the prior quarter and 91% in the year-ago quarter. Excluding PPP loans, the period end loan-to-core deposit ratio was 69% in the current quarter, compared to 72% in the prior quarter.


Average Wholesale Funding
	($ in millions)	For the Three Months Ended									% Change
		September		June		September
		2020		2020		2019			Seq	Yr/Yr
	Average Wholesale Funding
	Certificates - $100,000 and over	$3,633	$4,067		$4,795		(11)%	(24)%
	Other deposits	—	31		47		(100)%	(100)%
	Federal funds purchased	273	309		739		(12)%	(63)%
	Other short-term borrowings	1,626	2,377		1,278		(32)%	27%
	Long-term debt	16,230	16,955		15,633		(4)%	4%
	Total average wholesale funding	$21,762	$23,739		$22,492		(8)%	(3)%

Compared to the prior quarter, average wholesale funding decreased 8%, driven by a reduction in other short-term borrowings reflecting lower FHLB advances, lower jumbo CD balances, as well as the full-quarter impact of a debt redemption that occurred at the end of the second quarter. Compared to the year-ago quarter, average wholesale funding decreased 3%, reflecting decreases in jumbo CD balances, federal funds borrowings and other deposits, partially offset by increases in long-term debt and other short-term borrowings.


Credit Quality Summary
($ in millions)	As of and For the Three Months Ended
	September				June			March			December		September
	2020				2020			2020			2019		2019

Total nonaccrual portfolio loans and leases (NPLs)	$891		$700			$647			$618		$482
Repossessed property	7		4			10			10		9
OREO	33		43			52			52		28
Total nonperforming portfolio loans and leases and OREO (NPAs)	$931		$747			$709			$680		$519

NPL ratio⁽ⁱ⁾	0.80	%	0.61	%		0.55	%		0.56	%	0.44	%
NPA ratio^(c)	0.84	%	0.65	%		0.60	%		0.62	%	0.47	%

Total loans and leases 30-89 days past due (accrual)	$323		$381			$409			$364		$402
Total loans and leases 90 days past due (accrual)	139		136			151			130		132

Allowance for loan and lease losses (ALLL), beginning	$2,696		$2,348			$1,202			$1,143		$1,115
Impact of CECL adoption	—		—			643			—		—
Total net losses charged-off	(101)		(130)			(122)			(113)		(99)
(Benefit from) provision for loan and lease losses	(21)		478			625			172		127
ALLL, ending	$2,574		$2,696			$2,348			$1,202		$1,143

Reserve for unfunded commitments, beginning	$176		$169			$144			$154		$147
Impact of CECL adoption	—		—			10			—		—
Provision for (benefit from) the reserve for unfunded commitments	6		7			15			(10)		7
Reserve for unfunded commitments, ending	$182		$176			$169			$144		$154

Total allowance for credit losses (ACL)	$2,756		$2,872			$2,517			$1,346		$1,297

ACL ratios:
As a % of portfolio loans and leases	2.49	%	2.50	%		2.13	%		1.23	%	1.19	%
As a % of nonperforming portfolio loans and leases	309	%	410	%		389	%		218	%	269	%
As a % of nonperforming portfolio assets	296	%	385	%		355	%		198	%	250	%

ALLL as a % of portfolio loans and leases	2.32	%	2.34	%		1.99	%		1.10	%	1.04	%

Total losses charged-off	$(135)		$(163)			$(159)			$(152)		$(130)
Total recoveries of losses previously charged-off	34		33			37			39		31
Total net losses charged-off	$(101)		$(130)			$(122)			$(113)		$(99)

Net charge-off ratio (NCO ratio)^(b)	0.35	%	0.44	%		0.44	%		0.41	%	0.36	%
Commercial NCO ratio	0.33	%	0.40	%		0.32	%		0.20	%	0.18	%
Consumer NCO ratio	0.40	%	0.52	%		0.66	%		0.78	%	0.68	%

Nonperforming portfolio loans and leases were $891 million in the current quarter, with the resulting NPL ratio of 0.80%. Compared to the prior quarter, NPLs increased $191 million with the NPL ratio increasing 19 bps. Compared to the year-ago quarter, NPLs increased $409 million with the NPL ratio increasing 36 bps.

Nonperforming portfolio assets were $931 million in the current quarter, with the resulting NPA ratio of 0.84%. Compared to the prior quarter, NPAs increased $184 million with the NPA ratio increasing 19 bps. Compared to the year-ago quarter, NPAs increased $412 million with the NPA ratio increasing 37 bps.

The benefit from credit losses totaled $15 million in the current quarter. The allowance for credit loss ratio represented 2.49% of total portfolio loans and leases in the current quarter, compared with 2.50% in the prior quarter and 1.19% in the year-ago quarter (under the incurred loss methodology). In the current quarter, the allowance for credit losses represented 309% of nonperforming portfolio loans and leases and 296% of nonperforming portfolio assets. The allowance for loan and lease losses ratio represented 2.32% of total portfolio loans and leases in the current quarter.

Net charge-offs were $101 million in the current quarter, with the resulting NCO ratio of 0.35%. Compared to the prior quarter, net charge-offs decreased $29 million and the NCO ratio decreased 9 bps. Compared to the year-ago quarter, net charge-offs increased $2 million and the NCO ratio decreased 1 bp.


Capital Position
	As of and For the Three Months Ended
	September			June			March		December				September
	2020			2020			2020		2019			2019
Capital Position
Average total Bancorp shareholders' equity as a % of average assets		11.33	%	11.30	%	12.63%		12.58%		12.43	%
Tangible equity^(a)		8.09	%	7.68	%	8.41%		9.52%		9.29	%
Tangible common equity (excluding AOCI)^(a)		6.99	%	6.77	%	7.41%		8.44%		8.21	%
Tangible common equity (including AOCI)^(a)		8.31	%	8.13	%	8.65%		9.08%		9.09	%

Regulatory Capital Ratios^(e)
CET1 capital^(d)		10.14	%	9.72	%	9.37%		9.75%		9.56	%
Tier I risk-based capital^(d)		11.64	%	10.96	%	10.56%		10.99%		10.81	%
Total risk-based capital^(d)		14.93	%	14.24	%	13.59%		13.84%		13.68	%
Tier I leverage		8.37	%	8.16	%	9.37%		9.54%		9.36	%

Capital ratios remained strong and grew during the quarter. The CET1 capital ratio was 10.14%, the tangible common equity to tangible assets ratio was 6.99% excluding AOCI, and 8.31% including AOCI. The Tier I risk-based capital ratio was 11.64%, the Total risk-based capital ratio was 14.93%, and the Tier I leverage ratio was 8.37%. Certain capital ratios, including the Tier I leverage ratio, continued to be impacted by the increase in assets since the onset of the pandemic, predominantly from growth in 0% risk-weighted assets resulting from an increase in interest-bearing cash as well as PPP loans.

On September 17, 2020, the Federal Reserve released its hypothetical scenarios for its second round of stress tests under the Comprehensive Capital Analysis and Review (CCAR) process due to continued uncertainty from COVID-19. Fifth Third will be resubmitting its own base and stress scenario projections to the Federal Reserve by November 2, 2020. Additionally, on September 30, 2020, the Federal Reserve announced it has extended for an additional quarter several measures to ensure that large banks such as Fifth Third maintain a high level of capital resilience, including prohibiting share repurchases through at least the fourth quarter of 2020, as well as capping dividend payments tied to a formula based on recent income.

Tax Rate

The effective tax rate was 22.1% compared with 19.9% in the prior quarter and 20.2% in the year-ago quarter.

Conference Call

Fifth Third will host a conference call to discuss these financial results at 9:00 a.m. (Eastern Time) today. This conference call will be webcast live and may be accessed through the Fifth Third Investor Relations website at www.53.com (click on “About Us” then “Investor Relations”).

Those unable to listen to the live webcast may access a webcast replay through the Fifth Third Investor Relations website at the same web address.

Corporate Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of September 30, 2020, the Company had $202 billion in assets and operates 1,122 full-service Banking Centers, and 2,414 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 52,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2020, had $422 billion in assets under care, of which it managed $53 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”

Earnings Release End Notes

(a)Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 26.

(b)Net losses charged-off as a percent of average portfolio loans and leases.

(c)Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO.

(d)Under the U.S. banking agencies' Basel III Final Rule, assets and credit equivalent amounts of off-balance sheet exposures are calculated according to the standardized approach for risk-weighted assets. The resulting values are added together resulting in the Bancorp’s total risk-weighted assets.

(e)Current period regulatory capital ratios are estimated.

(f)Assumes a 23% tax rate.

(g)COVID-19 related expenses include incremental costs incurred for enhanced cleaning measures, personal protective equipment, one-time employee bonuses (entirely in 2Q20), and other supplies in response to the COVID-19 pandemic

(h)Includes commercial customer Eurodollar sweep balances for which the Bank pays rates comparable to other commercial deposit accounts.

(i)Nonperforming portfolio loans and leases as a percent of portfolio loans and leases and OREO.

FORWARD-LOOKING STATEMENTS

This release contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K as updated by our filings with the U.S. Securities and Exchange Commission (“SEC”). When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We undertake no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this document.

There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) effects of the global COVID-19 pandemic; (2) deteriorating credit quality; (3) loan concentration by location or industry of borrowers or collateral; (4) problems encountered by other financial institutions; (5) inadequate sources of funding or liquidity; (6) unfavorable actions of rating agencies; (7) inability to maintain or grow deposits; (8) limitations on the ability to receive dividends from subsidiaries; (9) cyber-security risks; (10) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (11) failures by third-party service providers; (12) inability to manage strategic initiatives and/or organizational changes; (13) inability to implement technology system enhancements; (14) failure of internal controls and other risk management systems; (15) losses related to fraud, theft or violence; (16) inability to attract and retain skilled personnel; (17) adverse impacts of government regulation; (18) governmental or regulatory changes or other actions; (19) failures to meet applicable capital requirements; (20) regulatory objections to Fifth Third’s capital plan; (21) regulation of Fifth Third’s derivatives activities; (22) deposit insurance premiums; (23) assessments for the orderly liquidation fund; (24) replacement of LIBOR; (25) weakness in the national or local economies; (26) global political and economic uncertainty or negative actions; (27) changes in interest rates; (28) changes and trends in capital markets; (29) fluctuation of Fifth Third’s stock price; (30) volatility in mortgage banking revenue; (31) litigation, investigations, and enforcement proceedings by governmental authorities; (32) breaches of contractual covenants, representations and warranties; (33) competition and changes in the financial services industry; (34) changing retail distribution strategies, customer preferences and behavior; (35) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (36) potential dilution from future acquisitions; (37) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (38) results of investments or acquired entities; (39) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (40) inaccuracies or other failures from the use of models; (41) effects of critical accounting policies and judgments or the use of inaccurate estimates; (42) weather-related events, other natural disasters, or health emergencies; and (43) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity.

You should refer to our periodic and current reports filed with the Securities and Exchange Commission, or “SEC,” for further information on other factors, which could cause actual results to be significantly different from those expressed or implied by these forward-looking statements.

# # #

Quarterly Financial Review for September 30, 2020

Table of Contents




			Financial Highlights			13-14
			Consolidated Statements of Income			15-16
			Consolidated Balance Sheets			17-18
			Consolidated Statements of Changes in Equity			19
			Average Balance Sheet and Yield Analysis			20-21
			Summary of Loans and Leases			22
			Regulatory Capital			23
			Summary of Credit Loss Experience			24
			Asset Quality			25
			Regulation G Non-GAAP Reconciliation			26-28
			Segment Presentation			29


Fifth Third Bancorp and Subsidiaries
Financial Highlights									% / bps										% / bps
$ in millions, except per share data			For the Three Months Ended										Change						Year to Date	Change
(unaudited)			September		June		September						September		September
		2020	2020		2019		Seq		Yr/Yr		2020		2019		Yr/Yr
Income Statement Data
Net interest income			$1,170		$1,200		$1,242		(3%)		(6%)		$3,600		$3,569		1%
Net interest income (FTE)^(a)			1,173		1,203		1,246		(2%)		(6%)		3,610		3,582		1%
Noninterest income			722		650		740		11%		(2%)		2,043		2,501		(18%)
	Total revenue (FTE)^(a)	1,895	1,853		1,986		2%		(5%)		5,653		6,083		(7%)
Provision for (benefit from) credit losses			(15)		485		134		NM		NM		1,110		310		258%
Noninterest expense			1,161		1,121		1,159		4%		—		3,482		3,499		—
Net income			581		195		549		198%		6%		823		1,778		(54%)
Net income available to common shareholders			562		163		530		245%		6%		754		1,718		(56%)

Earnings Per Share Data
Net income allocated to common shareholders			$560		$162		$526		246%		6%		$751		$1,702		(56%)
Average common shares outstanding (in thousands):
	Basic	715,102	714,767		726,716		—		(2%)		714,477		708,849		1%
	Diluted	718,894	717,572		736,086		—		(2%)		718,943		718,413		—
Earnings per share, basic			$0.78		$0.23		$0.72		239%		8%		$1.05		$2.40		(56%)
Earnings per share, diluted			0.78		0.23		0.71		239%		10%		1.04		2.37		(56%)

Common Share Data
Cash dividends per common share			$0.27		$0.27		$0.24		—		13%		$0.81		$0.70		16%
Book value per share			29.25		28.88		27.32		1%		7%		29.25		27.32		7%
Market price per share			21.32		19.28		27.38		11%		(22%)		21.32		27.38		(22%)
Common shares outstanding (in thousands)			712,328		712,202		718,583		—		(1%)		712,328		718,583		(1%)
Market capitalization			$15,187		$13,731		$19,675		11%		(23%)		$15,187		$19,675		(23%)

Financial Ratios
Return on average assets			1.14	%	0.40	%	1.28	%	74		(14)		0.58	%	1.47	%	(89)
Return on average common equity			10.7	%	3.2	%	10.7	%	750		—		4.9	%	12.7	%	(780)
Return on average tangible common equity^(a)			13.8	%	4.3	%	14.2	%	950		(40)		6.5	%	16.5	%	(1,000)
Noninterest income as a percent of total revenue^(a)			38	%	35	%	37	%	300		100		36	%	41	%	(500)
Dividend payout			34.6%		117.4%		33.3%		(8,280)		130		77.1%		29.2%		4,790
Average total Bancorp shareholders' equity as a percent of average assets			11.33	%	11.30	%	12.43	%	3		(110)		11.71	%	11.99	%	(28)
Tangible common equity^(a)			6.99	%	6.77	%	8.21	%	22		(122)		6.99	%	8.21	%	(122)
Net interest margin (FTE)^(a)			2.58	%	2.75	%	3.32	%	(17)		(74)		2.85	%	3.32	%	(47)
Efficiency (FTE)^(a)			61.3	%	60.5	%	58.4	%	80		290		61.6	%	57.5	%	410
Effective tax rate			22.1	%	19.9	%	20.2	%	220		190		21.6	%	21.4	%	20

Credit Quality
Net losses charged-off			$101		$130		$99		(22	%)	2	%	$353		$256		38	%
Net losses charged-off as a percent of average portfolio loans and leases			0.35	%	0.44	%	0.36	%	(9)		(1)		0.41	%	0.32	%	9
ALLL as a percent of portfolio loans and leases			2.32	%	2.34	%	1.04	%	(2)		128		2.32	%	1.04	%	128
ACL as a percent of portfolio loans and leases^(g)			2.49	%	2.50	%	1.19	%	(1)		130		2.49	%	1.19	%	130
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO			0.84	%	0.65	%	0.47	%	19		37		0.84	%	0.47	%	37

Average Balances
Loans and leases, including held for sale			$114,613		$119,418		$110,666		(4%)		4%		$115,401		$106,719		8%
Securities and other short-term investments			66,091		56,806		38,188		16%		73%		54,021		37,369		45%
Assets			202,533		198,387		169,585		2%		19%		190,973		162,119		18%
Transaction deposits^(b)			148,567		142,079		114,541		5%		30%		136,293		109,396		25%
Core deposits^(c)			152,278		146,500		120,364		4%		27%		140,695		114,853		23%
Wholesale funding^(d)			21,762		23,739		22,492		(8%)		(3%)		22,441		22,772		(1%)
Bancorp shareholders' equity			22,952		22,420		21,087		2%		9%		22,364		19,430		15%

Regulatory Capital Ratios^(e)
CET1 capital^(f)			10.14	%	9.72	%	9.56	%	42		58		10.14	%	9.56	%	58
Tier I risk-based capital^(f)			11.64	%	10.96	%	10.81	%	68		83		11.64	%	10.81	%	83
Total risk-based capital^(f)			14.93	%	14.24	%	13.68	%	69		125		14.93	%	13.68	%	125
Tier I leverage			8.37	%	8.16	%	9.36	%	21		(99)		8.37	%	9.36	%	(99)

Operations
Banking centers			1,122		1,122		1,143		—		(2%)		1,122		1,143		(2%)
ATMs			2,414		2,456		2,487		(2%)		(3%)		2,414		2,487		(3%)
Full-time equivalent employees			20,283		20,340		19,478		—		4%		20,283		19,478		4%

(a)Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 26.

(b)Includes demand, interest checking, savings, money market and foreign office deposits of commercial customers.

(c)Includes transaction deposits plus other time deposits.

(d)Includes certificates $100,000 and over, other deposits, federal funds purchased, other short-term borrowings and long-term debt.

(e)Current period regulatory capital ratios are estimates.

(f)Under the U.S. banking agencies' Basel III Final Rule, assets and credit equivalent amounts of off-balance sheet exposures are calculated according to the standardized approach for risk-weighted assets. The resulting values are added together resulting in the Bancorp’s total risk-weighted assets.

(g)The allowance for credit losses is the sum of the ALLL and the reserve for unfunded commitments.


Fifth Third Bancorp and Subsidiaries
Financial Highlights
$ in millions, except per share data			For the Three Months Ended
(unaudited)			September		June		March		December		September
		2020	2020		2020		2019		2019
Income Statement Data
Net interest income			$1,170		$1,200		$1,229		$1,228		$1,242
Net interest income (FTE)^(a)			1,173		1,203		1,233		1,232		1,246
Noninterest income			722		650		671		1,035		740
	Total revenue (FTE)^(a)	1,895	1,853		1,904		2,267		1,986
(Benefit from) provision for credit losses			(15)		485		640		162		134
Noninterest expense			1,161		1,121		1,200		1,160		1,159
Net income			581		195		46		734		549
Net income available to common shareholders			562		163		29		701		530

Earnings Per Share Data
Net income allocated to common shareholders			$560		$162		$28		$696		$526
Average common shares outstanding (in thousands):
	Basic	715,102	714,767		713,556		715,137		726,716
	Diluted	718,894	717,572		720,363		724,968		736,086
Earnings per share, basic			$0.78		$0.23		$0.04		$0.97		$0.72
Earnings per share, diluted			0.78		0.23		0.04		0.96		0.71

Common Share Data
Cash dividends per common share			$0.27		$0.27		$0.27		$0.24		$0.24
Book value per share			29.25		28.88		28.26		27.41		27.32
Market value per share			21.32		19.28		14.85		30.74		27.38
Common shares outstanding (in thousands)			712,328		712,202		711,306		708,916		718,583
Market capitalization			$15,187		$13,731		$10,563		$21,792		$19,675

Financial Ratios
Return on average assets			1.14	%	0.40	%	0.11	%	1.72	%	1.28	%
Return on average common equity			10.7	%	3.2	%	0.6	%	14.2	%	10.7	%
Return on average tangible common equity^(a)			13.8	%	4.3	%	1.0	%	18.7	%	14.2	%
Noninterest income as a percent of total revenue^(a)			38	%	35	%	35	%	46	%	37	%
Dividend payout			34.6%		117.4%		675.0%		24.7%		33.3%
Average total Bancorp shareholders' equity as a percent of average assets			11.33	%	11.30	%	12.63	%	12.58	%	12.43	%
Tangible common equity^(a)			6.99	%	6.77	%	7.41	%	8.44	%	8.21	%
Net interest margin (FTE)^(a)			2.58	%	2.75	%	3.28	%	3.27	%	3.32	%
Efficiency (FTE)^(a)			61.3	%	60.5	%	63.0	%	51.2	%	58.4	%
Effective tax rate			22.1	%	19.9	%	22.6	%	22.0	%	20.2	%

Credit Quality
Net losses charged-off			$101		$130		$122		$113		$99
Net losses charged-off as a percent of average portfolio loans and leases			0.35	%	0.44	%	0.44	%	0.41	%	0.36	%
ALLL as a percent of portfolio loans and leases			2.32	%	2.34	%	1.99	%	1.10	%	1.04	%
ACL as a percent of portfolio loans and leases^(g)			2.49	%	2.50	%	2.13	%	1.23	%	1.19	%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO			0.84	%	0.65	%	0.60	%	0.62	%	0.47	%

Average Balances
Loans and leases, including held for sale			$114,613		$119,418		$112,180		$110,986		$110,666
Securities and other short-term investments			66,091		56,806		39,033		38,326		38,188
Assets			202,533		198,387		171,871		169,327		169,585
Transaction deposits^(b)			148,567		142,079		118,096		116,285		114,541
Core deposits^(c)			152,278		146,500		123,177		121,792		120,364
Wholesale funding^(d)			21,762		23,739		21,832		21,491		22,492
Bancorp shareholders' equity			22,952		22,420		21,713		21,304		21,087

Regulatory Capital Ratios^(e)
CET1 capital^(f)			10.14	%	9.72	%	9.37	%	9.75	%	9.56	%
Tier I risk-based capital^(f)			11.64	%	10.96	%	10.56	%	10.99	%	10.81	%
Total risk-based capital^(f)			14.93	%	14.24	%	13.59	%	13.84	%	13.68	%
Tier I leverage			8.37	%	8.16	%	9.37	%	9.54	%	9.36	%

Operations
Banking centers			1,122		1,122		1,123		1,149		1,143
ATMs			2,414		2,456		2,464		2,481		2,487
Full-time equivalent employees			20,283		20,340		20,182		19,869		19,478

(a)Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 26.

(b)Includes demand, interest checking, savings, money market and foreign office deposits of commercial customers.

(c)Includes transaction deposits plus other time deposits.

(d)Includes certificates $100,000 and over, other deposits, federal funds purchased, other short-term borrowings and long-term debt.

(e)Current period regulatory capital ratios are estimates.

(g)The allowance for credit losses is the sum of the ALLL and the reserve for unfunded commitments.


Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended					% Change				Year to Date	% Change
(unaudited)	September	June	September				September	September
	2020	2020	2019	Seq	Yr/Yr		2020	2019	Yr/Yr
Interest Income
Interest and fees on loans and leases	$1,047	$1,115	$1,320	(6%)	(21%)		$3,397	$3,799	(11%)
Interest on securities	274	283	291	(3%)	(6%)		840	862	(3%)
Interest on other short-term investments	8	5	14	60%	(43%)		20	33	(39%)
Total interest income	1,329	1,403	1,625	(5%)	(18%)		4,257	4,694	(9%)

Interest Expense
Interest on deposits	46	83	243	(45%)	(81%)		295	692	(57%)
Interest on federal funds purchased	—	—	4	NM	(100%)		2	23	(91%)
Interest on other short-term borrowings	5	2	8	150%	(38%)		13	23	(43%)
Interest on long-term debt	108	118	128	(8%)	(16%)		347	387	(10%)
Total interest expense	159	203	383	(22%)	(58%)		657	1,125	(42%)

Net Interest Income	1,170	1,200	1,242	(3%)	(6%)		3,600	3,569	1%

Provision for (benefit from) credit losses	(15)	485	134	NM	NM		1,110	310	258%
Net Interest Income After Provision for Credit Losses	1,185	715	1,108	66%	7%		2,490	3,259	(24%)

Noninterest Income
Service charges on deposits	144	122	143	18%	1%		414	417	(1%)
Commercial banking revenue	125	137	123	(9%)	2%		387	333	16%
Mortgage banking net revenue	76	99	95	(23%)	(20%)		295	214	38%
Wealth and asset management revenue	132	120	124	10%	6%		387	358	8%
Card and processing revenue	92	82	94	12%	(2%)		260	266	(2%)
Leasing business revenue	77	57	92	35%	(16%)		207	199	4%
Other noninterest income	26	12	64	117%	(59%)		42	679	(94%)
Securities gains, net	51	21	5	143%	920%		48	30	60%
Securities gains (losses), net - non-qualifying hedges on mortgage servicing rights	(1)	—	—	NM	NM		3	5	(40%)
Total noninterest income	722	650	740	11%	(2%)		2,043	2,501	(18%)

Noninterest Expense
Compensation and benefits	637	627	584	2%	9%		1,911	1,843	4%
Net occupancy expense	90	82	84	10%	7%		254	248	2%
Technology and communications	89	90	100	(1%)	(11%)		272	319	(15%)
Equipment expense	33	32	33	3%	—		97	96	1%
Card and processing expense	29	29	33	—	(12%)		89	98	(9%)
Leasing business expense	35	33	40	6%	(13%)		103	97	6%
Marketing expense	23	20	40	15%	(43%)		74	117	(37%)
Other noninterest expense	225	208	245	8%	(8%)		682	681	—
Total noninterest expense	1,161	1,121	1,159	4%	—		3,482	3,499	—
Income Before Income Taxes	746	244	689	206%	8%		1,051	2,261	(54%)
Applicable income tax expense	165	49	140	237%	18%		228	483	(53%)
Net Income	581	195	549	198%	6%		823	1,778	(54%)
Dividends on preferred stock	19	32	19	(41%)	—		69	60	15%
Net Income Available to Common Shareholders	$562	$163	$530	245%	6%		$754	$1,718	(56%)


Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended
(unaudited)	September	June	March	December	September
	2020	2020	2020	2019	2019
Interest Income
Interest and fees on loans and leases	$1,047	$1,115	$1,235	$1,252	$1,320
Interest on securities	274	283	283	299	291
Interest on other short-term investments	8	5	7	8	14
Total interest income	1,329	1,403	1,525	1,559	1,625

Interest Expense
Interest on deposits	46	83	166	201	243
Interest on federal funds purchased	—	—	2	5	4
Interest on other short-term borrowings	5	2	6	5	8
Interest on long-term debt	108	118	122	120	128
Total interest expense	159	203	296	331	383

Net Interest Income	1,170	1,200	1,229	1,228	1,242

(Benefit from) provision for credit losses	(15)	485	640	162	134
Net Interest Income After Provision for Credit Losses	1,185	715	589	1,066	1,108

Noninterest Income
Service charges on deposits	144	122	148	149	143
Commercial banking revenue	125	137	124	127	123
Mortgage banking net revenue	76	99	120	73	95
Wealth and asset management revenue	132	120	134	129	124
Card and processing revenue	92	82	86	95	94
Leasing business revenue	77	57	73	71	92
Other noninterest income	26	12	7	382	64
Securities gains (losses), net	51	21	(24)	10	5
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights	(1)	—	3	(1)	—
Total noninterest income	722	650	671	1,035	740

Noninterest Expense
Compensation and benefits	637	627	647	576	584
Net occupancy expense	90	82	82	84	84
Technology and communications	89	90	93	103	100
Equipment expense	33	32	32	33	33
Card and processing expense	29	29	31	33	33
Leasing business expense	35	33	35	36	40
Marketing expense	23	20	31	44	40
Other noninterest expense	225	208	249	251	245
Total noninterest expense	1,161	1,121	1,200	1,160	1,159
Income Before Income Taxes	746	244	60	941	689
Applicable income tax expense	165	49	14	207	140
Net Income	581	195	46	734	549
Dividends on preferred stock	19	32	17	33	19
Net Income Available to Common Shareholders	$562	$163	$29	$701	$530


Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of						% Change
(unaudited)	September	June	September
	2020	2020	2019	Seq	Yr/Yr
Assets
Cash and due from banks	$2,996	$3,221	$3,261	(7%)	(8%)
Other short-term investments	31,285	28,243	3,235	11%	867%
Available-for-sale debt and other securities^(a)	37,425	38,599	37,178	(3%)	1%
Held-to-maturity securities^(b)	15	16	18	(6%)	(17%)
Trading debt securities	704	526	297	34%	137%
Equity securities	277	273	459	1%	(40%)
Loans and leases held for sale	2,323	912	1,223	155%	90%
Portfolio loans and leases:
Commercial and industrial loans	51,695	55,661	50,768	(7%)	2%
Commercial mortgage loans	10,878	11,233	10,822	(3%)	1%
Commercial construction loans	5,656	5,479	5,281	3%	7%
Commercial leases	3,021	3,061	3,495	(1%)	(14%)
Total commercial loans and leases	71,250	75,434	70,366	(6%)	1%
Residential mortgage loans	16,158	16,457	16,675	(2%)	(3%)
Home equity	5,455	5,681	6,218	(4%)	(12%)
Indirect secured consumer loans	12,925	12,395	11,026	4%	17%
Credit card	2,087	2,211	2,467	(6%)	(15%)
Other consumer loans	2,856	2,875	2,657	(1%)	7%
Total consumer loans	39,481	39,619	39,043	—	1%
Portfolio loans and leases	110,731	115,053	109,409	(4%)	1%
Allowance for loan and lease losses	(2,574)	(2,696)	(1,143)	(5%)	125%
Portfolio loans and leases, net	108,157	112,357	108,266	(4%)	—
Bank premises and equipment	2,090	2,053	2,053	2%	2%
Operating lease equipment	818	809	869	1%	(6%)
Goodwill	4,261	4,261	4,290	—	(1%)
Intangible assets	157	171	201	(8%)	(22%)
Servicing rights	660	676	910	(2%)	(27%)
Other assets	10,828	10,789	8,819	—	23%
Total Assets	$201,996	$202,906	$171,079	—	18%

Liabilities
Deposits:
Demand	$51,896	$49,359	$35,893	5%	45%
Interest checking	49,566	51,586	36,965	(4%)	34%
Savings	17,221	16,896	14,354	2%	20%
Money market	31,192	30,881	27,370	1%	14%
Foreign office	160	191	226	(16%)	(29%)
Other time	3,337	3,913	5,662	(15%)	(41%)
Certificates $100,000 and over	3,311	4,120	4,377	(20%)	(24%)
Other deposits	—	—	500	NM	(100%)
Total deposits	156,683	156,946	125,347	—	25%
Federal funds purchased	251	262	876	(4%)	(71%)
Other short-term borrowings	1,196	1,285	4,046	(7%)	(70%)
Accrued taxes, interest and expenses	2,500	2,582	2,507	(3%)	—
Other liabilities	3,292	3,169	2,425	4%	36%
Long-term debt	15,123	16,327	14,474	(7%)	4%
Total Liabilities	179,045	180,571	149,675	(1%)	20%
Equity
Common stock^(c)	2,051	2,051	2,051	—	—
Preferred stock	2,116	1,770	1,770	20%	20%
Capital surplus	3,624	3,603	3,589	1%	1%
Retained earnings	18,010	17,643	17,786	2%	1%
Accumulated other comprehensive income	2,831	2,951	1,635	(4%)	73%
Treasury stock	(5,681)	(5,683)	(5,427)	—	5%
Total Equity	22,951	22,335	21,404	3%	7%
Total Liabilities and Equity	201,996	202,906	171,079	—	18%
(a) Amortized cost	34,693	35,780	35,662	(3%)	(3%)
(b) Market values	15	16	18	(6%)	(17%)
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized	2,000,000	2,000,000	2,000,000	—	—
Outstanding, excluding treasury	712,328	712,202	718,583	—	(1	%)
Treasury	211,565	211,690	205,309	—	3	%


Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of
(unaudited)	September	June	March	December	September
	2020	2020	2020	2019	2019
Assets
Cash and due from banks	$2,996	$3,221	$3,282	$3,278	$3,261
Other short-term investments	31,285	28,243	6,319	1,950	3,235
Available-for-sale debt and other securities^(a)	37,425	38,599	38,645	36,028	37,178
Held-to-maturity securities^(b)	15	16	17	17	18
Trading debt securities	704	526	433	297	297
Equity securities	277	273	459	564	459
Loans and leases held for sale	2,323	912	1,630	1,400	1,223
Portfolio loans and leases:
Commercial and industrial loans	51,695	55,661	58,250	50,542	50,768
Commercial mortgage loans	10,878	11,233	11,160	10,963	10,822
Commercial construction loans	5,656	5,479	5,462	5,090	5,281
Commercial leases	3,021	3,061	3,123	3,363	3,495
Total commercial loans and leases	71,250	75,434	77,995	69,958	70,366
Residential mortgage loans	16,158	16,457	16,701	16,724	16,675
Home equity	5,455	5,681	5,963	6,083	6,218
Indirect secured consumer loans	12,925	12,395	12,050	11,538	11,026
Credit card	2,087	2,211	2,417	2,532	2,467
Other consumer loans	2,856	2,875	2,911	2,723	2,657
Total consumer loans	39,481	39,619	40,042	39,600	39,043
Portfolio loans and leases	110,731	115,053	118,037	109,558	109,409
Allowance for loan and lease losses	(2,574)	(2,696)	(2,348)	(1,202)	(1,143)
Portfolio loans and leases, net	108,157	112,357	115,689	108,356	108,266
Bank premises and equipment	2,090	2,053	2,009	1,995	2,053
Operating lease equipment	818	809	819	848	869
Goodwill	4,261	4,261	4,261	4,252	4,290
Intangible assets	157	171	184	201	201
Servicing rights	660	676	685	993	910
Other assets	10,828	10,789	10,959	9,190	8,819
Total Assets	$201,996	$202,906	$185,391	$169,369	$171,079

Liabilities
Deposits:
Demand	$51,896	$49,359	$39,533	$35,968	$35,893
Interest checking	49,566	51,586	44,520	40,409	36,965
Savings	17,221	16,896	15,557	14,248	14,354
Money market	31,192	30,881	27,775	27,277	27,370
Foreign office	160	191	177	221	226
Other time	3,337	3,913	4,683	5,237	5,662
Certificates $100,000 and over	3,311	4,120	2,816	3,702	4,377
Other deposits	—	—	—	—	500
Total deposits	156,683	156,946	135,061	127,062	125,347
Federal funds purchased	251	262	1,625	260	876
Other short-term borrowings	1,196	1,285	4,542	1,011	4,046
Accrued taxes, interest and expenses	2,500	2,582	2,432	2,441	2,507
Other liabilities	3,292	3,169	3,576	2,422	2,425
Long-term debt	15,123	16,327	16,282	14,970	14,474
Total Liabilities	179,045	180,571	163,518	148,166	149,675
Equity
Common stock^(c)	2,051	2,051	2,051	2,051	2,051
Preferred stock	2,116	1,770	1,770	1,770	1,770
Capital surplus	3,624	3,603	3,597	3,599	3,589
Retained earnings	18,010	17,643	17,677	18,315	17,786
Accumulated other comprehensive income	2,831	2,951	2,477	1,192	1,635
Treasury stock	(5,681)	(5,683)	(5,699)	(5,724)	(5,427)
Total Equity	22,951	22,335	21,873	21,203	21,404
Total Liabilities and Equity	$201,996	$202,906	$185,391	$169,369	$171,079
(a) Amortized cost	$34,693	$35,780	$36,428	$34,966	$35,662
(b) Market values	15	16	17	17	18
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000
Outstanding, excluding treasury	712,328	712,202	711,306	708,916	718,583
Treasury	211,565	211,690	212,586	214,977	205,309


Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Changes in Equity
$ in millions
(unaudited)
			For the Three Months Ended				Year to Date
			September	September		September	September
			2020	2019		2020	2019
Total Equity, Beginning					$22,335	$20,671		$21,203	$16,250
Net income					581	549		823	1,778
Other comprehensive income, net of tax:
	Change in unrealized gains (losses):
		Available-for-sale debt securities	(66)	377		1,272	1,385
		Qualifying cash flow hedges	(55)	79		364	359
	Change in accumulated other comprehensive income related to employee benefit plans			1	1		3	3
Comprehensive income					461	1,006		2,462	3,525
Cash dividends declared:
	Common stock			(195)	(175)		(585)	(518)
	Preferred stock			(19)	(19)		(69)	(60)
Issuance of preferred stock					346	439		346	439
Impact of stock transactions under stock compensation plans, net					23	24		66	59
Shares acquired for treasury					—	(350)		—	(1,463)
Impact of acquisition					—	—		—	3,159
Noncontrolling interest					—	(197)		—	—
Other					—	5		—	3
Impact of cumulative effect of change in accounting principles					—	—		(472)	10
Total Equity, Ending					$22,951	$21,404		$22,951	$21,404


Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis
$ in millions	For the Three Months Ended								% Change					Year to Date	% Change
(unaudited)	September		June		September				September		September
	2020		2020		2019		Seq	Yr/Yr	2020		2019		Yr/Yr
Assets
Interest-earning assets:
Commercial and industrial loans	$54,056		$59,106		$51,364		(9%)	5%	$54,948		$49,895		10%
Commercial mortgage loans	11,071		11,224		10,695		(1%)	4%	11,105		9,593		16%
Commercial construction loans	5,534		5,548		5,267		—	5%	5,405		5,119		6%
Commercial leases	2,966		3,056		3,563		(3%)	(17%)	3,074		3,643		(16%)
Total commercial loans and leases	73,627		78,934		70,889		(7%)	4%	74,532		68,250		9%
Residential mortgage loans	17,814		17,405		17,733		2%	—	17,748		17,163		3%
Home equity	5,581		5,820		6,267		(4%)	(11%)	5,802		6,333		(8%)
Indirect secured consumer loans	12,599		12,124		10,707		4%	18%	12,179		10,030		21%
Credit card	2,134		2,248		2,448		(5%)	(13%)	2,293		2,418		(5%)
Other consumer loans	2,858		2,887		2,622		(1%)	9%	2,847		2,525		13%
Total consumer loans	40,986		40,484		39,777		1%	3%	40,869		38,469		6%
Taxable securities	36,147		36,817		35,653		(2%)	1%	36,312		35,151		3%
Tax exempt securities	153		156		38		(2%)	303%	157		35		349%
Other short-term investments	29,791		19,833		2,497		50%	1,093%	17,552		2,183		704%
Total interest-earning assets	180,704		176,224		148,854		3%	21%	169,422		144,088		18%
Cash and due from banks	2,944		3,121		2,769		(6%)	6%	2,981		2,641		13%
Other assets	21,583		21,394		19,077		1%	13%	20,870		16,501		26%
Allowance for loan and lease losses	(2,698)		(2,352)		(1,115)		15%	142%	(2,300)		(1,111)		107%
Total Assets	$202,533		$198,387		$169,585		2%	19%	$190,973		$162,119		18%

Liabilities
Interest-bearing liabilities:
Interest checking deposits	$49,800		$49,760		$37,729		—	32%	$46,631		$35,995		30%
Savings deposits	17,013		16,354		14,405		4%	18%	16,031		13,963		15%
Money market deposits	31,151		30,022		26,962		4%	16%	29,434		25,357		16%
Foreign office deposits	189		182		222		4%	(15%)	193		198		(3%)
Other time deposits	3,711		4,421		5,823		(16%)	(36%)	4,402		5,457		(19%)
Total interest-bearing core deposits	101,864		100,739		85,141		1%	20%	96,691		80,970		19%
Certificates $100,000 and over	3,633		4,067		4,795		(11%)	(24%)	3,685		4,650		(21%)
Other deposits	—		31		47		(100%)	(100%)	95		269		(65%)
Federal funds purchased	273		309		739		(12%)	(63%)	412		1,298		(68%)
Other short-term borrowings	1,626		2,377		1,278		(32%)	27%	1,916		1,017		88%
Long-term debt	16,230		16,955		15,633		(4%)	4%	16,333		15,538		5%
Total interest-bearing liabilities	123,626		124,478		107,633		(1%)	15%	119,132		103,742		15%
Demand deposits	50,414		45,761		35,223		10%	43%	44,004		33,883		30%
Other liabilities	5,541		5,727		5,522		(3%)	—	5,473		4,950		11%
Total Liabilities	179,581		175,966		148,378		2%	21%	168,609		142,575		18%
Total Equity	22,952		22,421		21,207		2%	8%	22,364		19,544		14%
Total Liabilities and Equity	$202,533		$198,387		$169,585		2%	19%	$190,973		$162,119		18%

	For the Three Months Ended								bps Change					Year to Date	bps Change
	September		June		September				September		September
Yield/Rate Analysis	2020		2020		2019		Seq	Yr/Yr	2020		2019		Yr/Yr
Interest-earning assets:
Commercial and industrial loans^(a)	3.35	%	3.47	%	4.66	%	(12)	(131)	3.67	%	4.71	%	(104)
Commercial mortgage loans^(a)	3.12	%	3.44	%	4.86	%	(32)	(174)	3.66	%	4.94	%	(128)
Commercial construction loans^(a)	3.18	%	3.53	%	5.39	%	(35)	(221)	3.82	%	5.55	%	(173)
Commercial leases^(a)	3.44	%	3.47	%	3.34	%	(3)	10	3.46	%	3.31	%	15
Total commercial loans and leases	3.30	%	3.47	%	4.68	%	(17)	(138)	3.67	%	4.73	%	(106)
Residential mortgage loans	3.48	%	3.53	%	3.67	%	(5)	(19)	3.55	%	3.69	%	(14)
Home equity	3.59	%	3.60	%	5.20	%	(1)	(161)	3.98	%	5.28	%	(130)
Indirect secured consumer loans	3.93	%	4.04	%	4.22	%	(11)	(29)	4.02	%	4.05	%	(3)
Credit card	11.37	%	11.28	%	12.57	%	9	(120)	11.61	%	12.52	%	(91)
Other consumer loans	6.46	%	6.50	%	7.69	%	(4)	(123)	6.88	%	7.59	%	(71)
Total consumer loans	4.25	%	4.34	%	4.87	%	(9)	(62)	4.43	%	4.86	%	(43)
Total loans and leases	3.64	%	3.76	%	4.75	%	(12)	(111)	3.94	%	4.78	%	(84)
Taxable securities	3.01	%	3.08	%	3.24	%	(7)	(23)	3.08	%	3.28	%	(20)
Tax exempt securities^(a)	2.99	%	2.96	%	3.18	%	3	(19)	3.00	%	3.72	%	(72)
Other short-term investments	0.10	%	0.11	%	2.18	%	(1)	(208)	0.15	%	1.99	%	(184)
Total interest-earning assets	2.93	%	3.21	%	4.34	%	(28)	(141)	3.36	%	4.37	%	(101)

Interest-bearing liabilities:
Interest checking deposits	0.10	%	0.24	%	1.12	%	(14)	(102)	0.33	%	1.15	%	(82)
Savings deposits	0.04	%	0.06	%	0.18	%	(2)	(14)	0.07	%	0.17	%	(10)
Money market deposits	0.14	%	0.32	%	1.13	%	(18)	(99)	0.38	%	1.11	%	(73)
Foreign office deposits	0.06	%	0.09	%	0.37	%	(3)	(31)	0.25	%	0.49	%	(24)
Other time deposits	0.95	%	1.21	%	1.79	%	(26)	(84)	1.27	%	1.81	%	(54)
Total interest-bearing core deposits	0.13	%	0.27	%	1.01	%	(14)	(88)	0.35	%	1.01	%	(66)
Certificates $100,000 and over	1.26	%	1.40	%	2.20	%	(14)	(94)	1.56	%	2.14	%	(58)
Other deposits	—		0.04	%	1.97	%	(4)	(197)	0.76	%	2.43	%	(167)
Federal funds purchased	0.20	%	0.16	%	2.06	%	4	(186)	0.68	%	2.42	%	(174)
Other short-term borrowings	1.28	%	0.32	%	2.55	%	96	(127)	0.90	%	2.97	%	(207)
Long-term debt	2.62	%	2.80	%	3.26	%	(18)	(64)	2.84	%	3.33	%	(49)
Total interest-bearing liabilities	0.51	%	0.66	%	1.41	%	(15)	(90)	0.74	%	1.45	%	(71)
(a) Presented on an FTE basis.


Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis
$ in millions	For the Three Months Ended
(unaudited)	September		June		March		December		September
	2020		2020		2020		2019		2019
Assets
Interest-earning assets:
Commercial and industrial loans	$54,056		$59,106		$51,693		$50,980		$51,364
Commercial mortgage loans	11,071		11,224		11,020		10,832		10,695
Commercial construction loans	5,534		5,548		5,132		5,334		5,267
Commercial leases	2,966		3,056		3,201		3,384		3,563
Total commercial loans and leases	73,627		78,934		71,046		70,530		70,889
Residential mortgage loans	17,814		17,405		18,024		17,853		17,733
Home equity	5,581		5,820		6,006		6,147		6,267
Indirect secured consumer loans	12,599		12,124		11,809		11,281		10,707
Credit card	2,134		2,248		2,498		2,496		2,448
Other consumer loans	2,858		2,887		2,797		2,679		2,622
Total consumer loans	40,986		40,484		41,134		40,456		39,777
Taxable securities	36,147		36,817		35,973		36,255		35,653
Tax exempt securities	153		156		162		57		38
Other short-term investments	29,791		19,833		2,898		2,014		2,497
Total interest-earning assets	180,704		176,224		151,213		149,312		148,854
Cash and due from banks	2,944		3,121		2,880		3,063		2,769
Other assets	21,583		21,394		19,623		18,096		19,077
Allowance for loan and lease losses	(2,698)		(2,352)		(1,845)		(1,144)		(1,115)
Total Assets	$202,533		$198,387		$171,871		$169,327		$169,585
Liabilities
Interest-bearing liabilities:
Interest checking deposits	$49,800		$49,760		$40,298		$38,628		$37,729
Savings deposits	17,013		16,354		14,715		14,274		14,405
Money market deposits	31,151		30,022		27,109		27,429		26,962
Foreign office deposits	189		182		209		244		222
Other time deposits	3,711		4,421		5,081		5,507		5,823
Total interest-bearing core deposits	101,864		100,739		87,412		86,082		85,141
Certificates $100,000 and over	3,633		4,067		3,355		4,072		4,795
Other deposits	—		31		257		252		47
Federal funds purchased	273		309		654		1,174		739
Other short-term borrowings	1,626		2,377		1,750		1,133		1,278
Long-term debt	16,230		16,955		15,816		14,860		15,633
Total interest-bearing liabilities	123,626		124,478		109,244		107,573		107,633
Demand deposits	50,414		45,761		35,765		35,710		35,223
Other liabilities	5,541		5,727		5,149		4,740		5,522
Total Liabilities	179,581		175,966		150,158		148,023		148,378
Total Equity	22,952		22,421		21,713		21,304		21,207
Total Liabilities and Equity	$202,533		$198,387		$171,871		$169,327		$169,585
Yield/Rate Analysis
Interest-earning assets:
Commercial and industrial loans^(a)	3.35	%	3.47	%	4.25	%	4.32	%	4.66	%
Commercial mortgage loans^(a)	3.12	%	3.44	%	4.44	%	4.48	%	4.86	%
Commercial construction loans^(a)	3.18	%	3.53	%	4.82	%	4.88	%	5.39	%
Commercial leases^(a)	3.44	%	3.47	%	3.46	%	3.30	%	3.34	%
Total commercial loans and leases	3.30	%	3.47	%	4.28	%	4.34	%	4.68	%
Residential mortgage loans	3.48	%	3.53	%	3.63	%	3.57	%	3.67	%
Home equity	3.59	%	3.60	%	4.71	%	4.80	%	5.20	%
Indirect secured consumer loans	3.93	%	4.04	%	4.09	%	4.16	%	4.22	%
Credit card	11.37	%	11.28	%	12.13	%	12.37	%	12.57	%
Other consumer loans	6.46	%	6.50	%	7.71	%	7.75	%	7.69	%
Total consumer loans	4.25	%	4.34	%	4.71	%	4.74	%	4.87	%
Total loans and leases	3.64	%	3.76	%	4.44	%	4.49	%	4.75	%
Taxable securities	3.01	%	3.08	%	3.15	%	3.27	%	3.24	%
Tax exempt securities^(a)	2.99	%	2.96	%	3.04	%	4.44	%	3.18	%
Other short-term investments	0.10	%	0.11	%	0.97	%	1.65	%	2.18	%
Total interest-earning assets	2.93	%	3.21	%	4.07	%	4.15	%	4.34	%
Interest-bearing liabilities:
Interest checking deposits	0.10	%	0.24	%	0.75	%	0.88	%	1.12	%
Savings deposits	0.04	%	0.06	%	0.13	%	0.14	%	0.18	%
Money market deposits	0.14	%	0.32	%	0.72	%	0.89	%	1.13	%
Foreign office deposits	0.06	%	0.09	%	0.57	%	0.95	%	0.37	%
Other time deposits	0.95	%	1.21	%	1.56	%	1.75	%	1.79	%
Total interest-bearing core deposits	0.13	%	0.27	%	0.68	%	0.82	%	1.01	%
Certificates $100,000 and over	1.26	%	1.40	%	2.09	%	2.14	%	2.20	%
Other deposits	—		0.04	%	0.85	%	1.75	%	1.97	%
Federal funds purchased	0.20	%	0.16	%	1.13	%	1.74	%	2.06	%
Other short-term borrowings	1.28	%	0.32	%	1.32	%	1.89	%	2.55	%
Long-term debt	2.62	%	2.80	%	3.12	%	3.22	%	3.26	%
Total interest-bearing liabilities	0.51	%	0.66	%	1.09	%	1.22	%	1.41	%
Ratios:
Net interest margin (FTE)^(b)	2.58	%	2.75	%	3.28	%	3.27	%	3.32	%
Net interest rate spread (FTE)^(b)	2.42	%	2.55	%	2.98	%	2.93	%	2.93	%
Interest-bearing liabilities to interest-earning assets	68.41	%	70.64	%	72.24	%	72.05	%	72.31	%
(a) Presented on an FTE basis.
(b) Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 26.


Fifth Third Bancorp and Subsidiaries
Summary of Loans and Leases
$ in millions	For the Three Months Ended
(unaudited)	September	June	March	December	September
	2020	2020	2020	2019	2019
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$54,004	$59,040	$51,586	$50,938	$51,241
Commercial mortgage loans	11,069	11,222	11,019	10,831	10,692
Commercial construction loans	5,534	5,548	5,132	5,334	5,267
Commercial leases	2,966	3,056	3,201	3,384	3,562
Total commercial loans and leases	73,573	78,866	70,938	70,487	70,762
Consumer loans:
Residential mortgage loans	16,618	16,561	16,732	16,697	16,736
Home equity	5,581	5,820	6,006	6,147	6,267
Indirect secured consumer loans	12,599	12,124	11,809	11,281	10,707
Credit card	2,134	2,248	2,498	2,496	2,448
Other consumer loans	2,857	2,887	2,796	2,679	2,621
Total consumer loans	39,789	39,640	39,841	39,300	38,779
Total average portfolio loans and leases	$113,362	$118,506	$110,779	$109,787	$109,541

Average Loans and Leases Held for Sale
Average commercial loans and leases held for sale	$55	$68	$108	$43	$127
Average consumer loans held for sale	1,196	844	1,293	1,156	998
Average loans and leases held for sale	$1,251	$912	$1,401	$1,199	$1,125

End of Period Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$51,695	$55,661	$58,250	$50,542	$50,768
Commercial mortgage loans	10,878	11,233	11,160	10,963	10,822
Commercial construction loans	5,656	5,479	5,462	5,090	5,281
Commercial leases	3,021	3,061	3,123	3,363	3,495
Total commercial loans and leases	71,250	75,434	77,995	69,958	70,366
Consumer loans:
Residential mortgage loans	16,158	16,457	16,701	16,724	16,675
Home equity	5,455	5,681	5,963	6,083	6,218
Indirect secured consumer loans	12,925	12,395	12,050	11,538	11,026
Credit card	2,087	2,211	2,417	2,532	2,467
Other consumer loans	2,856	2,875	2,911	2,723	2,657
Total consumer loans	39,481	39,619	40,042	39,600	39,043
Total portfolio loans and leases	$110,731	$115,053	$118,037	$109,558	$109,409

End of Period Loans and Leases Held for Sale
Commercial loans and leases held for sale	$59	$72	$65	$136	$86
Consumer loans held for sale	2,264	840	1,565	1,264	1,137
Loans and leases held for sale	$2,323	$912	$1,630	$1,400	$1,223

Operating lease equipment	$818	$809	$819	$848	$869

Loans and Leases Serviced for Others^(a)
Commercial and industrial loans	$903	$967	$947	$922	$916
Commercial mortgage loans	585	592	545	454	446
Commercial construction loans	623	536	462	397	392
Commercial leases	584	582	302	322	345
Residential mortgage loans	73,521	78,804	81,901	80,734	82,702
Other consumer loans	50	50	50	50	50
Total loans and leases serviced for others	76,266	81,531	84,207	82,879	84,851
Total loans and leases serviced	$190,138	$198,305	$204,693	$194,685	$196,352
(a) Fifth Third sells certain loans and leases and obtains servicing responsibilities.


Fifth Third Bancorp and Subsidiaries
Regulatory Capital
$ in millions				As of
(unaudited)				September		June		March		December		September
		2020^(a)		2020		2020		2019		2019
Regulatory Capital
CET1 capital				$14,306		$13,935		$13,840		$13,847		$13,568
Additional tier I capital				2,115		1,769		1,769		1,769		1,769
Tier I capital				16,421		15,704		15,609		15,616		15,337
Tier II capital				4,645		4,703		4,472		4,045		4,076
Total regulatory capital				$21,066		$20,407		$20,081		$19,661		$19,413
Risk-weighted assets^(b)				$141,065		$143,322		$147,756		$142,065		$141,880

Ratios
Average total Bancorp shareholders' equity as a percent of average assets				11.33	%	11.30	%	12.63	%	12.58	%	12.43	%

Regulatory Capital Ratios
Fifth Third Bancorp
	CET1 capital^(b)	10.14	%	9.72	%	9.37	%	9.75	%	9.56	%
	Tier I risk-based capital^(b)	11.64	%	10.96	%	10.56	%	10.99	%	10.81	%
	Total risk-based capital^(b)	14.93	%	14.24	%	13.59	%	13.84	%	13.68	%
	Tier I leverage	8.37	%	8.16	%	9.37	%	9.54	%	9.36	%

Fifth Third Bank
	Tier I risk-based capital^(b)	12.25	%	11.76	%	11.36	%	11.86	%	11.79	%
	Total risk-based capital^(b)	14.15	%	13.65	%	13.17	%	13.46	%	13.37	%
	Tier I leverage	8.85	%	8.80	%	10.16	%	10.36	%	10.26	%

(a)Current period regulatory capital data and ratios are estimated.

(b)Under the U.S. banking agencies' Basel III Final Rule, assets and credit equivalent amounts of off-balance sheet exposures are calculated according to the standardized approach for risk-weighted assets. The resulting values are added together resulting in the Bancorp’s total risk-weighted assets.


Fifth Third Bancorp and Subsidiaries
Summary of Credit Loss Experience
$ in millions	For the Three Months Ended
(unaudited)	September		June		March		December		September
	2020		2020		2020		2019		2019
Average portfolio loans and leases:
Commercial and industrial loans	$54,004		$59,040		$51,586		$50,938		$51,241
Commercial mortgage loans	11,069		11,222		11,019		10,831		10,692
Commercial construction loans	5,534		5,548		5,132		5,334		5,267
Commercial leases	2,966		3,056		3,201		3,384		3,562
Total commercial loans and leases	73,573		78,866		70,938		70,487		70,762
Residential mortgage loans	16,618		16,561		16,732		16,697		16,736
Home equity	5,581		5,820		6,006		6,147		6,267
Indirect secured consumer loans	12,599		12,124		11,809		11,281		10,707
Credit card	2,134		2,248		2,498		2,496		2,448
Other consumer loans	2,857		2,887		2,796		2,679		2,621
Total consumer loans	39,789		39,640		39,841		39,300		38,779
Total average portfolio loans and leases	$113,362		$118,506		$110,779		$109,787		$109,541

Losses charged-off:
Commercial and industrial loans	($45)		($68)		($54)		($40)		($30)
Commercial mortgage loans	(11)		(2)		(2)		—		—
Commercial leases	(10)		(11)		(5)		—		(4)
Total commercial loans and leases	(66)		(81)		(61)		(40)		(34)
Residential mortgage loans	(1)		(2)		(2)		(4)		(2)
Home equity	(4)		(3)		(5)		(12)		(5)
Indirect secured consumer loans	(11)		(15)		(21)		(24)		(21)
Credit card	(34)		(40)		(42)		(40)		(38)
Other consumer loans	(19)		(22)		(28)		(32)		(30)
Total consumer loans	(69)		(82)		(98)		(112)		(96)
Total losses charged-off	($135)		($163)		($159)		($152)		($130)

Recoveries of losses previously charged-off:
Commercial and industrial loans	$3		$3		$4		$4		$1
Commercial mortgage loans	—		—		—		—		—
Commercial leases	2		—		—		—		—
Total commercial loans and leases	5		3		4		4		1
Residential mortgage loans	2		1		1		1		1
Home equity	3		2		2		3		3
Indirect secured consumer loans	8		8		9		8		8
Credit card	5		6		6		7		5
Other consumer loans	11		13		15		16		13
Total consumer loans	29		30		33		35		30
Total recoveries of losses previously charged-off	$34		$33		$37		$39		$31

Net losses charged-off:
Commercial and industrial loans	($42)		($65)		($50)		($36)		($29)
Commercial mortgage loans	(11)		(2)		(2)		—		—
Commercial leases	(8)		(11)		(5)		—		(4)
Total commercial loans and leases	(61)		(78)		(57)		(36)		(33)
Residential mortgage loans	1		(1)		(1)		(3)		(1)
Home equity	(1)		(1)		(3)		(9)		(2)
Indirect secured consumer loans	(3)		(7)		(12)		(16)		(13)
Credit card	(29)		(34)		(36)		(33)		(33)
Other consumer loans	(8)		(9)		(13)		(16)		(17)
Total consumer loans	(40)		(52)		(65)		(77)		(66)
Total net losses charged-off	($101)		($130)		($122)		($113)		($99)

Net losses charged-off as a percent of average portfolio loans and leases:
Commercial and industrial loans	0.31	%	0.45	%	0.39	%	0.28	%	0.22	%
Commercial mortgage loans	0.39	%	0.07	%	0.06	%	(0.02	%)	(0.01	%)
Commercial leases	1.09	%	1.47	%	0.60	%	0.06	%	0.41	%
Total commercial loans and leases	0.33	%	0.40	%	0.32	%	0.20	%	0.18	%
Residential mortgage loans	(0.02	%)	0.02	%	0.02	%	0.07	%	0.03	%
Home equity	0.07	%	0.07	%	0.17	%	0.59	%	0.16	%
Indirect secured consumer loans	0.11	%	0.24	%	0.43	%	0.56	%	0.50	%
Credit card	5.44	%	6.17	%	5.87	%	5.21	%	5.41	%
Other consumer loans	1.05	%	1.17	%	1.87	%	2.51	%	2.47	%
Total consumer loans	0.40	%	0.52	%	0.66	%	0.78	%	0.68	%
Total net losses charged-off as a percent of average portfolio loans and leases	0.35	%	0.44	%	0.44	%	0.41	%	0.36	%


Fifth Third Bancorp and Subsidiaries
Asset Quality
$ in millions		For the Three Months Ended
(unaudited)		September			June		March		December		September
	2020			2020	2020		2019		2019
Allowance for Credit Losses
Allowance for loan and lease losses, beginning		$2,696			$2,348		$1,202		$1,143		$1,115
Impact of CECL adoption		—			—		643		—		—
Total net losses charged-off		(101)			(130)		(122)		(113)		(99)
(Benefit from) provision for loan and lease losses		(21)			478		625		172		127
Allowance for loan and lease losses, ending		$2,574			$2,696		$2,348		$1,202		$1,143

Reserve for unfunded commitments, beginning		$176			$169		$144		$154		$147
Impact of CECL adoption		—			—		10		—		—
Provision for (benefit from) the reserve for unfunded commitments		6			7		15		(10)		7
Reserve for unfunded commitments, ending		$182			$176		$169		$144		$154

Components of allowance for credit losses:
Allowance for loan and lease losses		$2,574			$2,696		$2,348		$1,202		$1,143
Reserve for unfunded commitments		182			176		169		144		154
Total allowance for credit losses		$2,756			$2,872		$2,517		$1,346		$1,297

	As of
	September			June	March		December		September
	2020			2020	2020		2019		2019
Nonperforming Assets and Delinquent Loans
Nonaccrual portfolio loans and leases:
Commercial and industrial loans		$266			$94		$100		$118		$70
Commercial mortgage loans		99			89		83		21		17
Commercial construction loans		—			—		1		1		—
Commercial leases		16			22		18		26		27
Residential mortgage loans		30			14		12		13		12
Home equity		50			52		54		54		63
Indirect secured consumer loans		8			5		1		1		1
Other consumer loans		3			2		2		2		2
Total nonaccrual portfolio loans and leases (excludes restructured loans)		472			278		271		236		192
Nonaccrual restructured portfolio commercial loans and leases		307			282		243		231		235
Nonaccrual restructured portfolio consumer loans and leases		112		^(c)	140		133		151		55
Total nonaccrual portfolio loans and leases		891			700		647		618		482
Repossessed property		7			4		10		10		9
OREO		33			43		52		52		28
Total nonperforming portfolio loans and leases and OREO		931			747		709		680		519
Nonaccrual loans held for sale		10			1		—		—		—
Nonaccrual restructured loans held for sale		1			1		1		7		13
Total nonperforming assets		$942			$749		$710		$687		$532

Restructured portfolio consumer loans and leases (accrual)		$818		^(d)	$963		$976		$965		$958
Restructured portfolio commercial loans and leases (accrual)		$123			$119		$63		$23		$34

Loans and leases 90 days past due (accrual):
Commercial and industrial loans		$4			$10		$13		$11		$15
Commercial mortgage loans		26			23		20		15		18
Commercial construction loans		—			—		—		—		1
Commercial leases		2			—		10		—		1
Total commercial loans and leases		32			33		43		26		35
Residential mortgage loans		67			54		54		50		48
Home equity		2			—		—		1		—
Indirect secured consumer loans		10			12		11		10		10
Credit card		27			36		42		42		38
Other consumer loans		1			1		1		1		1
Total consumer loans		107			103		108		104		97
Total loans and leases 90 days past due (accrual)^(b)		$139			$136		$151		$130		$132
Ratios
Net losses charged-off as a percent of average portfolio loans and leases		0.35	%		0.44	%	0.44	%	0.41	%	0.36	%
Allowance for credit losses:
As a percent of portfolio loans and leases		2.49	%		2.50	%	2.13	%	1.23	%	1.19	%
As a percent of nonperforming portfolio loans and leases^(a)		309	%		410	%	389	%	218	%	269	%
As a percent of nonperforming portfolio assets^(a)		296	%		385	%	355	%	198	%	250	%
Nonperforming portfolio loans and leases as a percent of portfolio loans and leases and OREO^(a)		0.80	%		0.61	%	0.55	%	0.56	%	0.44	%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO^(a)		0.84	%		0.65	%	0.60	%	0.62	%	0.47	%
Nonperforming assets as a percent of total loans and leases, OREO, and repossessed property		0.83	%		0.65	%	0.59	%	0.62	%	0.48	%
(a) Excludes nonaccrual loans held for sale.
(b) Excludes loans held for sale.
(c) Excludes approximately $12 of residential mortgage loans that were modified prior to repurchase.
(d) Excludes approximately $125 of residential mortgage loans that were modified prior to repurchase.

Use of Non-GAAP Financial Measures

In addition to GAAP measures, management considers various non-GAAP measures when evaluating the performance of the business, including: “net interest income (FTE),” “interest income (FTE),” “net interest margin (FTE),” “net interest rate spread (FTE),” “income before income taxes (FTE),” “tangible net income available to common shareholders,” “average tangible common equity,” “return on average tangible common equity,” “tangible common equity (excluding AOCI),” “tangible common equity (including AOCI),” “tangible equity,” “tangible book value per share,” “adjusted noninterest income,” “noninterest income excluding certain items,” “adjusted noninterest expense,” “noninterest expense excluding certain items,” “pre-provision net revenue,” “adjusted efficiency ratio,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” “adjusted return on average tangible common equity, excluding accumulated other comprehensive income,” “adjusted net interest margin,” “adjusted pre-provision net revenue,” “adjusted return on average assets,” “efficiency ratio (FTE),” “total revenue (FTE),” and certain ratios derived from these measures. The Bancorp believes these non-GAAP measures provide useful information to investors because these are among the measures used by the Fifth Third management team to evaluate operating performance and to make day-to-day operating decisions.

The FTE basis adjusts for the tax-favored status of income from certain loans and securities held by the Bancorp that are not taxable for federal income tax purposes. The Bancorp believes this presentation to be the preferred industry measurement of net interest income and net interest margin as it provides a relevant comparison between taxable and non-taxable amounts.

The Bancorp believes tangible net income available to common shareholders, average tangible common equity, tangible common equity (excluding AOCI), tangible common equity (including AOCI), tangible equity, tangible book value per share and return on average tangible common equity are important measures for evaluating the performance of the business without the impacts of intangible items, whether acquired or created internally, in a manner comparable to other companies in the industry who present similar measures.

The Bancorp believes noninterest income, noninterest expense, net interest income, net interest margin, pre-provision net revenue, efficiency ratio, return on average common equity, return on average tangible common equity, and return on average assets are important measures that adjust for significant, unusual, or large transactions that may occur in a reporting period which management does not consider indicative of ongoing financial performance and enhances comparability of results with prior periods.

The Bancorp believes noninterest income excluding certain items and noninterest expense excluding certain items are important measures that adjust for certain components that are prone to significant period-to-period changes in order to facilitate the explanation of variances in the noninterest income and noninterest expense line items.

Management considers various measures when evaluating capital utilization and adequacy, including the tangible equity and tangible common equity (including and excluding AOCI), in addition to capital ratios defined by U.S. banking agencies. These calculations are intended to complement the capital ratios defined by U.S. banking agencies for both absolute and comparative purposes. These ratios are not formally defined by U.S. GAAP or codified in the federal banking regulations and, therefore, are considered to be non-GAAP financial measures. Management believes that providing the tangible common equity ratio excluding AOCI on certain assets and liabilities enables investors and others to assess the Bancorp’s use of equity without the effects of changes in AOCI, some of which are uncertain; providing the tangible common equity ratio including AOCI enables investors and others to assess the Bancorp’s use of equity if components of AOCI, such as unrealized gains or losses, were to be monetized.

Please note that although non-GAAP financial measures provide useful insight, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures.

Please see Reg. G reconciliations of all historical non-GAAP measures used in this release to the most directly comparable GAAP measures, beginning on the following page.


Fifth Third Bancorp and Subsidiaries
Regulation G Non-GAAP Reconciliation
$ and shares in millions			As of and For the Three Months Ended
(unaudited)			September		June		March		December		September
		2020	2020		2020		2019		2019
Net interest income			$1,170		$1,200		$1,229		$1,228		$1,242
Add: Taxable equivalent adjustment			3		3		4		4		4
Net interest income (FTE) (a)			1,173		1,203		1,233		1,232		1,246

Net interest income (annualized) (b)			4,655		4,826		4,943		4,872		4,928
Net interest income (FTE) (annualized) (c)			4,667		4,838		4,959		4,888		4,943

Net interest income (FTE)			1,173		1,203		1,233		1,232		1,246
Less: Net interest income impact from purchase accounting accretion			13		15		16		18		28
Adjusted net interest income (FTE) (d)			1,160		1,188		1,217		1,214		1,218
Adjusted net interest income (FTE) (annualized) (e)			4,615		4,777		4,895		4,816		4,832

Interest income			1,329		1,403		1,525		1,559		1,625
Add: Taxable equivalent adjustment			3		3		4		4		4
Interest income (FTE)			1,332		1,406		1,529		1,563		1,629
Interest income (FTE) (annualized) (f)			5,299		5,655		6,150		6,201		6,463

Interest expense (annualized) (g)			633		816		1,191		1,313		1,520
Average interest-earning assets (h)			180,704		176,224		151,213		149,312		148,854
Average interest-bearing liabilities (i)			123,626		124,478		109,244		107,573		107,633

Net interest margin (b) / (h)			2.58	%	2.74	%	3.27	%	3.26	%	3.31	%
Net interest margin (FTE) (c) / (h)			2.58	%	2.75	%	3.28	%	3.27	%	3.32	%
Adjusted net interest margin (e) / (h)			2.55	%	2.71	%	3.24	%	3.22	%	3.25	%
Net interest rate spread (FTE) (f) / (h) - (g) / (i)			2.42	%	2.55	%	2.98	%	2.93	%	2.93	%

Income before income taxes			$746		$244		$60		$941		$689
Add: Taxable equivalent adjustment			3		3		4		4		4
Income before income taxes (FTE)			$749		$247		$64		$945		$693

Net income available to common shareholders			$562		$163		$29		$701		$530
Add: Intangible amortization, net of tax			9		9		10		11		11
Tangible net income available to common shareholders (j)			571		172		39		712		541
Tangible net income available to common shareholders (annualized) (k)			2,272		692		157		2,825		2,146

Average Bancorp shareholders' equity			22,952		22,420		21,713		21,304		21,087
Less:	Average preferred stock	(2,007)	(1,770)		(1,770)		(1,770)		(1,445)
	Average goodwill	(4,261)	(4,261)		(4,251)		(4,260)		(4,286)
	Average intangible assets	(164)	(178)		(193)		(194)		(208)
Average tangible common equity, including AOCI (l)			16,520		16,211		15,499		15,080		15,148
Less:	Average AOCI	(2,919)	(2,702)		(1,825)		(1,416)		(1,444)
Average tangible common equity, excluding AOCI (m)			13,601		13,509		13,674		13,664		13,704

Total Bancorp shareholders' equity			22,951		22,335		21,873		21,203		21,404
Less:	Preferred stock	(2,116)	(1,770)		(1,770)		(1,770)		(1,770)
	Goodwill	(4,261)	(4,261)		(4,261)		(4,252)		(4,290)
	Intangible assets	(157)	(171)		(184)		(201)		(201)
Tangible common equity, including AOCI (n)			16,417		16,133		15,658		14,980		15,143
Less:	AOCI	(2,831)	(2,951)		(2,477)		(1,192)		(1,635)
Tangible common equity, excluding AOCI (o)			13,586		13,182		13,181		13,788		13,508
Add:	Preferred stock	2,116	1,770		1,770		1,770		1,770
Tangible equity (p)			15,702		14,952		14,951		15,558		15,278

Total assets			201,996		202,906		185,391		169,369		171,079
Less:	Goodwill	(4,261)	(4,261)		(4,261)		(4,252)		(4,290)
	Intangible assets	(157)	(171)		(184)		(201)		(201)
Tangible assets, including AOCI (q)			197,578		198,474		180,946		164,916		166,588
Less:	AOCI, before tax	(3,584)	(3,735)		(3,135)		(1,509)		(2,070)
Tangible assets, excluding AOCI (r)			$193,994		$194,739		$177,811		$163,407		$164,518

Common shares outstanding (s)			712		712		711		709		719

Tangible equity (p) / (r)			8.09	%	7.68	%	8.41	%	9.52	%	9.29	%
Tangible common equity (excluding AOCI) (o) / (r)			6.99	%	6.77	%	7.41	%	8.44	%	8.21	%
Tangible common equity (including AOCI) (n) / (q)			8.31	%	8.13	%	8.65	%	9.08	%	9.09	%
Tangible book value per share (n) / (s)			$23.06		$22.66		$22.02		$21.13		$21.06


Fifth Third Bancorp and Subsidiaries
Regulation G Non-GAAP Reconciliation
$ in millions			For the Three Months Ended
(unaudited)			September			June			September
		2020			2020			2019
Net income (t)			$581			$195			$549
Net income (annualized) (u)			2,311			784			2,178

Adjustments (pre-tax items)^(a)
	Valuation of Visa total return swap	22			29			11
	Restructuring severance expense	19			-			-
	Branch and non-branch real estate charges	10			12			-
	Rent impairment charges	9			-			-
	COVID-19-related expenses^(b)	5			12			-
	Merger-related expenses	-			9			28
	FHLB debt extinguishment charge	-			6			-
Adjustments, after-tax (v)^(a)			51			52			30

Noninterest income (w)			722			650			740
	Valuation of Visa total return swap	22			29			11
	Branch and non-branch real estate charges	10			12			-
Adjusted noninterest income (x)			754			691			751

Noninterest expense (y)			1,161			1,121			1,159
	Restructuring severance expense	(19)			-			-
	Rent impairment charges	(9)			-			-
	COVID-19-related expenses^(b)	(5)			(12)			-
	Merger-related expenses	-			(9)			(28)
	FHLB debt extinguishment charge	-			(6)			-
Adjusted noninterest expense (z)			1,128			1,094			1,131
	Intangible amortization expense	12			12			14
Adjusted noninterest expense excluding intangible amortization expense (aa)			1,116			1,082			1,117

Adjusted net income (t) + (v)			632			247			579
Adjusted net income (annualized) (ab)			2,514			993			2,297

Adjusted tangible net income available to common shareholders (j) + (v)			622			224			571
Adjusted tangible net income available to common shareholders (annualized) (ac)			2,474			901			2,265

Average assets (ad)			$202,533			$198,387			$169,585

Return on average tangible common equity (k) / (l)			13.8	%		4.3	%		14.2	%
Adjusted return on average tangible common equity, including AOCI (ac) / (l)			15.0	%		5.6	%		15.0	%
Adjusted return on average tangible common equity, excluding AOCI (ac) / (m)			18.2	%		6.7	%		16.5	%

Return on average assets (u) / (ad)			1.14	%		0.40	%		1.28	%
Adjusted return on average assets (ab) / (ad)			1.24	%		0.50	%		1.35	%
Efficiency ratio (y) / [(a) + (w)]			61.3	%		60.5	%		58.4	%
Adjusted efficiency ratio (aa) / [(d) + (x)]			58.3	%		57.6	%		56.7	%
Total revenue (FTE) (a) + (w)			$1,895			$1,853			$1,986
Pre-provision net revenue (PPNR) (a) + (w) - (y)			$734			$732			$827
Adjusted pre-provision net revenue (PPNR) (d) + (x) - (aa)			$798			$797			$852
(a) Assumes a 23% tax rate, except for merger-related expenses impacted by certain non-deductible items; (b) COVID-19 related expenses include incremental costs incurred for
enhanced cleaning measures, personal protective equipment, one-teim employee bonuses (entirely in 2Q20), and other supplies in response to the COVID-19 pandemic


Fifth Third Bancorp and Subsidiaries
Segment Presentation
$ in millions
(unaudited)

For the three months ended September 30, 2020	Commercial Banking	Branch Banking^(b)	Consumer Lending^(c)	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)^(a)	$435	$355	$98	$28	$257	$1,173
Benefit from (provision for) credit losses	(337)	(68)	(2)	—	422	15
Net interest income after benefit from (provision for) credit losses	98	287	96	28	679	1,188
Noninterest income	318	192	73	132	7	722
Noninterest expense	(411)	(460)	(137)	(133)	(20)	(1,161)
Income before income taxes	5	19	32	27	666	749
Applicable income tax (expense) benefit^(a)	7	(4)	(7)	(6)	(158)	(168)
Net income	$12	$15	$25	$21	$508	$581

For the three months ended June 30, 2020	Commercial Banking	Branch Banking^(b)	Consumer Lending^(c)	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)^(a)	$573	$513	$92	$51	$(26)	$1,203
(Provision for) benefit from credit losses	(457)	(52)	(10)	1	33	(485)
Net interest income after (provision for) benefit from credit losses	116	461	82	52	7	718
Noninterest income	294	167	98	121	(30)	650
Noninterest expense	(405)	(454)	(120)	(122)	(20)	(1,121)
Income (loss) before income taxes	5	174	60	51	(43)	247
Applicable income tax (expense) benefit^(a)	7	(36)	(12)	(11)	—	(52)
Net income (loss)	$12	$138	$48	$40	$(43)	$195

For the three months ended March 31, 2020	Commercial Banking	Branch Banking^(b)	Consumer Lending^(c)	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)^(a)	$511	$505	$89	$37	$91	$1,233
Provision for credit losses	(45)	(62)	(13)	(1)	(519)	(640)
Net interest income after provision for credit losses	466	443	76	36	(428)	593
Noninterest income	287	198	124	135	(73)	671
Noninterest expense	(480)	(488)	(122)	(143)	33	(1,200)
Income (loss) before income taxes	273	153	78	28	(468)	64
Applicable income tax (expense) benefit^(a)	(49)	(32)	(17)	(6)	86	(18)
Net income (loss)	$224	$121	$61	$22	$(382)	$46

For the three months ended December 31, 2019	Commercial Banking	Branch Banking^(b)	Consumer Lending^(c)	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)^(a)	$603	$569	$91	$41	$(72)	$1,232
Provision for credit losses	(83)	(60)	(15)	—	(4)	(162)
Net interest income after provision for credit losses	520	509	76	41	(76)	1,070
Noninterest income	324	214	74	129	294	1,035
Noninterest expense	(422)	(485)	(123)	(131)	1	(1,160)
Income before income taxes	422	238	27	39	219	945
Applicable income tax expense^(a)	(81)	(50)	(6)	(8)	(66)	(211)
Net income	$341	$188	$21	$31	$153	$734

For the three months ended September 30, 2019	Commercial Banking	Branch Banking^(b)	Consumer Lending^(c)	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)^(a)	$627	$598	$88	$44	$(111)	$1,246
Provision for credit losses	(54)	(58)	(14)	—	(8)	(134)
Net interest income after provision for credit losses	573	540	74	44	(119)	1,112
Noninterest income	335	204	96	125	(20)	740
Noninterest expense	(425)	(469)	(114)	(129)	(22)	(1,159)
Income (loss) before income taxes	483	275	56	40	(161)	693
Applicable income tax (expense) benefit^(a)	(90)	(58)	(12)	(8)	24	(144)
Net income (loss)	$393	$217	$44	$32	$(137)	$549
(a) Includes taxable equivalent adjustments of $3 million, $3 million, $4 million, $4 million and $4 million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, respectively.
(b) Branch Banking provides a full range of deposit and loan and lease products to individuals and small businesses through full-service banking centers.
(c) Consumer Lending includes the Bancorp's residential mortgage, home equity, automobile and other indirect lending activities.

Fifth Third Bancorp 3Q20 Earnings Presentation October 22, 2020 Refer to earnings release dated October 22, 2020 for further information. Classification: Internal Use 1  Fifth Third Bancorp | All Rights Reserved

Cautionary statement This presentation contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K as updated by our filings with the U.S. Securities and Exchange Commission [“SEC”]. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We undertake no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this document. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) effects of the global COVID-19 pandemic; (2) deteriorating credit quality; (3) loan concentration by location or industry of borrowers or collateral; (4) problems encountered by other financial institutions; (5) inadequate sources of funding or liquidity; (6) unfavorable actions of rating agencies; (7) inability to maintain or grow deposits; (8) limitations on the ability to receive dividends from subsidiaries; (9) cyber-security risks; (10) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (11) failures by third-party service providers; (12) inability to manage strategic initiatives and/or organizational changes; (13) inability to implement technology system enhancements; (14) failure of internal controls and other risk management systems; (15) losses related to fraud, theft or violence; (16) inability to attract and retain skilled personnel; (17) adverse impacts of government regulation; (18) governmental or regulatory changes or other actions; (19) failures to meet applicable capital requirements; (20) regulatory objections to Fifth Third’s capital plan; (21) regulation of Fifth Third’s derivatives activities; (22) deposit insurance premiums; (23) assessments for the orderly liquidation fund; (24) replacement of LIBOR; (25) weakness in the national or local economies; (26) global political and economic uncertainty or negative actions; (27) changes in interest rates; (28) changes and trends in capital markets; (29) fluctuation of Fifth Third’s stock price; (30) volatility in mortgage banking revenue; (31) litigation, investigations, and enforcement proceedings by governmental authorities; (32) breaches of contractual covenants, representations and warranties; (33) competition and changes in the financial services industry; (34) changing retail distribution strategies, customer preferences and behavior; (35) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (36) potential dilution from future acquisitions; (37) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (38) results of investments or acquired entities; (39) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (40) inaccuracies or other failures from the use of models; (41) effects of critical accounting policies and judgments or the use of inaccurate estimates; (42) weather-related events, other natural disasters, or health emergencies; and (43) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity. You should refer to our periodic and current reports filed with the Securities and Exchange Commission, or “SEC,” for further information on other factors, which could cause actual results to be significantly different from those expressed or implied by these forward-looking statements. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. In this presentation, we may sometimes provide non-GAAP financial information. Please note that although non-GAAP financial measures provide useful insight to analysts, investors and regulators, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures. We provide a discussion of non-GAAP measures and reconciliations to the most directly comparable GAAP measures in later slides in this presentation, as well as on pages 26 through 28 of our 3Q20 earnings release. Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of the Bancorp's control or cannot be reasonably predicted. For the same reasons, the Bancorp's management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Classification: Internal Use 2  Fifth Third Bancorp | All Rights Reserved

3Q20 highlights • Very strong reported and adjusted return metrics, Reported 1 Adjusted 1 reflecting strong operating results EPS$0.78 $0.85 • PPNR exceeded previous guidance, led by strong ROA 1.14% 1.24% fees and better-than-expected NII performance ROE10.7% 11.6% • Credit losses well below previous expectations with a NCO ratio of 0.35%, the lowest level since ROTCE 13.8% 18.2% 2Q19 excl. AOCI 2 NIM2.58% 2.55% • ACL ratio of 2.49% down 1 bp sequentially; excl. PAA benefit from provision driven primarily by declining Efficiency period end loan balances 61.3% 58.3% ratio excl. PAA & CDI • CET1 increased 42 bps from prior quarter to 10.1%; up ~40 bps since the end of 2019 PPNR$734MM $798MM • Strong deposit growth resulting in a loan-to-core CET1 10.14% deposit ratio of 72% (69% ex. PPP) 1Reported ROTCE, NIM, pre-provision net revenue, and efficiency ratio are non-GAAP measures: all adjusted figures are non-GAAP measures; see reconciliation on pages 30 and 31 of this presentation and the use of non-GAAP measures on pages 26-28 of the earnings release; 2Allowance for credit losses as a percentage of portfolio loans and leases; Current period regulatory capital ratios are estimated. Classification: Internal Use 3  Fifth Third Bancorp | All Rights Reserved

Interest earning assets Average loan & lease balances Average securities 1 and short-term investments $ in billions; loan & lease balances exclude HFS $ in billions $118.5 $65.2 $109.5 $113.4 $55.9 $39.6 $38.8 $39.8 $29.8 4.75% $19.8 ~$3.8BN in PPP ~$5.2BN $37.3 3.76% loans 3.64% in PPP loans $2.5 3.24% 3.08% 3.01% $70.8 $78.9 $73.6 $34.8 $36.1 $35.4 3Q19 2Q20 3Q20 3Q19 2Q20 3Q20 Short-term Taxable Commercial Consumer Total loan yield Securities 1 investments securities yield Period-end loan & lease balances Period-end securities 1 and short-term investments $ in billions; loan & lease balances exclude HFS $ in billions $115.1 $66.0 $109.4 $110.7 $64.0 $39.6 $39.0 $39.5 $28.2 $31.3 $38.9 ~$5.2BN ~$5.2BN in PPP in PPP $3.2 loans loans $75.4 $70.4 $71.3 $35.7 $35.8 $34.7 3Q19 2Q20 3Q20 3Q19 2Q20 3Q20 Commercial Consumer Securities 1 Short-term investments Note: Totals shown above may not foot due to rounding; 1Available-for-sale debt and other securities at amortized cost; previous disclosures included available-for-sale equity securities which are disclosed separately in the financial results Classification: Internal Use 4  Fifth Third Bancorp | All Rights Reserved

Core deposits and wholesale funding Average core deposit balances Average wholesale funding balances $ in billions $ in billions $146.5 $152.3 $120.4 $71.6 $73.0 $23.7 $22.5 $21.8 $66.4 2.95% $74.9 $53.9 $79.3 2.27% 2.26% 1.01% 0.27% 0.13% 3Q19 2Q20 3Q20 3Q19 2Q20 3Q20 Total IB core Commercial Consumer Total wholesale funding Wholesale funding cost deposit rate Period-end core deposit balances Period-end wholesale funding balances $ in billions $152.9 $153.4 $ in billions $120.5 $73.2 $72.8 $24.3 $22.0 $19.9 $66.4 $79.7 $80.6 $54.1 3Q19 2Q20 3Q20 3Q19 2Q20 3Q20 Commercial Consumer Total wholesale funding Note: Totals shown above may not foot due to rounding Classification: Internal Use 5  Fifth Third Bancorp | All Rights Reserved

Aggressively reducing interest expense given the rate environment Proactively managing deposit costs given the rate environment IB core deposit rate 1.03% 0.99% 1.01% 2020 0.82% 0.77% 0.74% 0.54% 0.35% 0.27% 0.21% 0.16% 0.13% 0.11% 1Q19 2Q19 3Q19 4Q19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 September Deposit rates by product 3Q15 3Q20 2020 • Significantly reduced deposit rates several times Interest checking 0.18% 0.10% 0.08% throughout the quarter Savings 0.05% 0.04% 0.04% • Planning additional actions in 4Q20 to further reduce interest expense Money market 0.21% 0.14% 0.10% • Upcoming total CD maturity schedule 1: Foreign office 0.14% 0.06% 0.06% – 4Q20: $3.2BN at 0.97% Other time 1.19% 0.95% 1.07% – 1Q21: $1.3BN at 0.94% IB core deposits 0.22% 0.13% 0.11% – 2Q21: $1.7BN at 1.12% Core deposits0.14% 0.09% 0.07% 1Includes other time and certificates - $100,000 and over Classification: Internal Use 6  Fifth Third Bancorp | All Rights Reserved

Net interest income 1 2Q20 to 3Q20 NII & NIM Walk NII $ in millions; NIM change in bps NII NIM $1,246 $1,218 2Q20 $1,188 2.71% $1,203 $1,188 $1,173 $1,160 Excluding PAA Elevated Cash - (15) Balances PPP Impact 8 - Wholesale Funding 8 2 Actions 3.25% Incremental Cash Flow 2.71% 10 2 Hedge Benefit 2.55% Other Market Rate & Repricing Impacts 2 1 (net of deposit actions) Total net interest income; $interest netincome;millions Total Other Balance Sheet Composition Changes (66) (5) (including loan runoff) Day Count 10 (1) 3Q19 2Q20 3Q20 3Q20 $1,160 2.55% NII Adjusted NII Adjusted NIM (excl. PAA) (excl. PAA) Cumulative quarterly impact $72 +16 bps of hedge portfolio; 3Q20 1Results are on a fully-taxable equivalent basis; non-GAAP measure: see reconciliation on pages 30 and 31 of this presentation and use of non-GAAP measures on pages 26-28 of the earnings release Classification: Internal Use 7  Fifth Third Bancorp | All Rights Reserved

Noninterest income $740 $746 3Q20 vs. 2Q20 $722 $703 • Adjusted noninterest income 1 up $33 million, or 5% $670 $650 • Primary drivers: ‒ Service charges on deposits (up 18%) ‒ Leasing business revenue (up 35%) ‒ Wealth and asset management revenue (up 10%) ‒ Partially offset by mortgage banking revenue (down 23%) 3Q20 vs. 3Q19 • Adjusted noninterest income 1 down $43 million, or 6% Total noninterest income; $ noninterestincome;millions Total • Primary drivers: ‒ Mortgage banking revenue (down 20%) ‒ Leasing business revenue (down 16%) ‒ Other noninterest income (down 28%) ‒ Partially offset by wealth and asset management revenue 3Q19 2Q20 3Q20 (up 6%) Noninterest income Adjusted noninterest income (excl. securities (gains)/losses) 1 1 Non-GAAP measure: see reconciliation on pages 30 and 31 of this presentationClassification: and Internal use of non-GAAPUse measures on pages 26-28 of the earnings release 8  Fifth Third Bancorp | All Rights Reserved

Noninterest expense 3Q20 vs. 2Q20 1 $1,159 $1,161 • Adjusted noninterest expense up $34 million, or 3% $1,117 $1,121 $1,116 $1,082 • Primary drivers: ‒ Marketing expense (up 15%) ‒ Technology and communications (up 3%) ‒ Other noninterest expense (up 18%) 3Q20 vs. 3Q19 • Adjusted noninterest expense 1 down $1 million Total noninterest expense; $noninterestexpense; millions Total • Primary drivers: ‒ Marketing expense (down 43%) ‒ Leasing business expense (down 13%) ‒ Other noninterest expense (down 9%) 3Q19 2Q20 3Q20 Noninterest expense Adjusted noninterest expense (excl. intangible amortization) 1 1Excluding intangible amortization is a non-GAAP measure: see reconciliation on pages 30 and 31 of this presentation and use of non-GAAP measures on pages 26- 28 of the earnings release Classification: Internal Use 9  Fifth Third Bancorp | All Rights Reserved

Well diversified commercial portfolio with several potential risk mitigants to recent stresses Commercial portfolio by industry sectors Uneven recovery impacting clients differently $s in billions; excludes PPP loans 2Q20 3Q20 • ~68% of portfolio in QSR, mostly to top-tier brands and national chains Restaurants ($1.7BN) • Area of focus: ~32% dine-in focused; supported by concentration in large scale operators Loans O/S Loans O/S Change and top performing brands with strong sponsorship, and/or access to capital markets Real estate $11.7 $11.5 (2%) • Clients have strong liquidity positions with continued access to capital markets; experienced management teams have executed significant cost reduction plans; Manufacturing 11.6 10.7 (8%) Casinos ($1.8BN) ~67% to regional casino operators (incl. Native American-operated) Financial services and insurance 6.8 6.3 (7%) • Areas of focus: ~23% global operators (including Las Vegas) supported by scale, Leisure & recreation 1 6.8 6.3 (7%) liquidity and experienced management teams Business services 4.7 4.4 (6%) • 58% to drivable leisure hotels, where RevPAR has generally rebounded Hotels Wholesale trade 4.2 3.9 (7%) • Areas of focus: 42% business oriented hotels which likely face a multi year re- Communication and information 3.4 3.2 (6%) ($1.3BN) stabilization but are owned by strong, large scale operators with deep experience and broad resources Mining 3.0 2.7 (10%) Retail (non-essential) 1 3.0 2.6 (13%) • C&I borrowers with strong performance given e-commerce disruption; composition almost exclusively either investment grade and well-positioned to weather downturn, or market- 1 Retail non- Healthcare facilities 2.5 2.4 (4%) Essential conforming ABL structures 2 Healthcare - other 2.6 2.4 (8%) ($2.6BN) • Areas of focus: Retail driven Non-owner occupied CRE (~$1.3BN) supported by Anchor Transportation and warehousing - other 2 2.5 2.4 (4%) tenant strength, collection rates and liquidity to support re-stabilization Construction 2.2 2.1 (5%) • Well diversified with long-term clients across broad sectors including Skilled Nursing, 2 Healthcare Retail trade - other 0.8 0.9 13% Facilities Physician Offices, Behavioral Health, Assisted Living and Surgery/Outpatient Centers, etc. Leisure travel 1 0.5 0.5 - ($2.4BN) • Areas of focus: Skilled Nursing occupancy supported by top tier national and large regional operators All Others 3 3.9 3.8 (3%) • Well-contained to a few large operators; all have been able to access capital markets to Total Commercial Loan & Lease Portfolio 70.2 66.1 (6%) Leisure bolster liquidity Travel Total COVID High Impact Industries 12.8 11.8 (8%) • Areas of focus: Seasonal operations impact the speed of full recovery supported by ($0.5BN) strong liquidity and access to capital No changes to composition or definition of COVID-19($ XBN ) High Impact industries Well diversified commercial portfolio favoring large borrowers with a track record of resilience (Excluding PPP, 72% of the C&I high impact portfolio in shared national credits) 1Leisure & recreation consists of the following industry classifications (as defined by NAICS): “Accommodation and food” and “Entertainment and recreation”; retail (non-essential) maps to the retail trade industry classification; healthcare facilities maps to the healthcare industry classification; leisure travel maps to the “transportation and warehousing: industry classification; 2”Healthcare – other” primarily consist of hospitals; “transportation and warehousing – other” primarily consists of non-leisure related transportation activities; “retail trade – other” primarily consists of vehicle related dealers and gas stations; 3”All others” consists of the following industry classifications:Classification: other services, utilities,Internal public Use administration, agribusiness, individuals, and other. 10  Fifth Third Bancorp | All Rights Reserved

Consumer portfolios are well positioned Portfolio Consumer loan % of Total Portfolio WA LTV portfolio credit metrics Loans WA FICO 1 at Orig. FICO score distribution 1 Residential mortgage 14% 757 74% 4% 21% Indirect secured 11% 756 92% >=750 Predominantly auto 756 720-749 WA FICO for total Home equity 5% 761 70% 57% 660-719 consumer portfolio 18% <=659 Other consumer 3% 760 NA Including GreenSky Credit card 2% 736 NA • Focused on existing relationships, significantly limiting prospects in unsecured products except high/super prime • Augmented collections efforts • Enhanced underwriting standards across almost all products (including improvements in LTV and FICO score requirements) Totals represent percentage of Fifth Third’s total loans & leases of $113.1 billion; 1FICO distributions at origination exclude certain acquired mortgages and home equity loans as well as $100 million from credit card loans on book primarily ~15+ years, and $500 million from consumer loans associated with private wealth clients. Classification: Internal Use 11  Fifth Third Bancorp | All Rights Reserved

Credit quality overview Early stage delinquencies and NPAs 1 ACL as % of portfolio loans and leases 2.76% 2.75% Ex. PPP Including MB 2.64% 2.62% unamortized 2.49% loan discount 2.30% 2.50% 0.84% 2.13% 0.65% 0.60% 1.19% 1.23% 0.47% 0.48% 0.37% 0.33% 0.27% 0.29% 0.29% 3Q17 3Q18 3Q19 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Incurred NPA Ratio 30-89 days past due as a % of loans CECL Loss Method Net charge-offs (NCOs) • NCO ratio of 0.35%, well below previous expectations, with declines in commercial and consumer portfolio (15+ year low) 0.68% • NPA ratio of 0.84% up 19 bps from prior quarter 0.50% 0.52% 0.43% 0.44% 0.40% • ACL (excluding PPP, including unamortized loan discount) 0.36% represents 326% of NPLs, and 312% of NPAs, and 0.30% 0.29% 0.35% 0.40% represents: 0.33% • 62% of 2020 company run DFAST severe losses 0.21% 0.18% 0.19% • 39% of 2020 Supervisory DFAST severe losses 3Q17 3Q18 3Q19 3Q20 Consumer NCO ratio Commercial NCO ratio Total NCO ratio 1Excludes HFS loans Classification: Internal Use 12  Fifth Third Bancorp | All Rights Reserved

Current expected credit losses (CECL) allowance Allocation of allowance by product 2Q20 3Q20 $s in millions % of portfolio % of portfolio Allowance for loan & lease losses Amount loans & leases Amount loans & leases Commercial and industrial loans 988 1.78% 1,024 1.98% Commercial mortgage loans 375 3.34% 373 3.43% Commercial construction loans 97 1.77% 105 1.86% Commercial leases 42 1.37% 33 1.09% Total commercial 1,502 1.99% 1,534 2.15% Residential mortgage 327 1.99% 297 1.84% Home equity loans 239 4.21% 211 3.86% Indirect secured consumer loans 171 1.38% 128 0.99% Credit card loans 327 14.79% 285 13.66% Other consumer loans 130 4.52% 120 4.19% Total consumer 1,194 3.01% 1,041 2.64% Allowance for loan & lease losses 2,696 2.34% 2,574 2.32% Reserve for unfunded commitments 1 176 182 Allowance for credit losses $2,872 2.50% $2,756 2.49% • Allowance for credit losses decreased $116 million • Including the impact of the unamortized discount from the MB loan portfolio, the ACL ratio was 2.62% • Furthermore, excluding the impact of PPP, the ACL ratio would have been 2.75% Note: Totals shown above may not foot due to rounding; 13Q20 commercial and consumer portfolio make up $139M and $43M, respectively, of the total Classification: Internal Use 13 reserve for unfunded commitments.  Fifth Third Bancorp | All Rights Reserved

Strong capital and liquidity position Regulatory capital position Common equity tier 1 ratio ~16 bps ~35 bps ~5 bps 10.14% 9.72% ~(14 bps) • Risk-based capital ratios have meaningfully improved (CET1 up ~40 bps since end of 2019) • Common dividends account for ~55 bps of CET1 per year 2Q20 Net Income RWA Common Reserve Release 3Q20 (ex reserve Dividends Under CECL release) Liquidity position $s in billions; as of 9/30/2020 • Unprecedented levels of short-term liquidity Liquidity Sources currently ~20x higher than 2019 average Fed Reserves ~$31 • Loan-to-core deposit ratio of 72% (69% ex. Unpledged Investment Securities ~$28 PPP) Available FHLB Borrowing Capacity ~$18 • ~$102 billion of available liquidity sources Current Fed Discount Window Availability ~$27 • $4.6B in Holding Company cash, sufficient to satisfy all fixed obligations in a stressed ~$102 Total environment for ~31 months Current period regulatory capital ratio is estimated; Note, data may not footClassification: due to rounding Internal Use 14  Fifth Third Bancorp | All Rights Reserved

Current expectations Fourth quarter 2020 Loans & leases Down ~2% sequentially (average balances, incl. HFS) NII & NIM (FTE) 1 Stable, assuming no accelerated PPP fee benefit (excluding PAA) (3Q20 baselines: $1.160BN; 2.55%) Noninterest income 1 Up 7 - 8% sequentially (includes ~$70MM impact from TRA income; 3Q20 baseline: $703MM) Noninterest expense 1 Flat to up slightly (3Q20 baseline: $1.116BN) Net charge-off ratio 40 - 50 bps range Effective tax rate ~22% range As of October 22, 2020; please see cautionary statements on page 2 1Non-GAAP measure: see forward-looking statements on page 2 of this presentation regarding forward-looking non-GAAP measures and use of non-GAAP measures on pages 26-28 of the earnings release. Classification: Internal Use 15  Fifth Third Bancorp | All Rights Reserved

1 Well-positioned Balance Sheet Remain well-positioned Diversified to navigate the 2 Revenue Mix uncertain economic environment Proactive focus 3 on maintaining strong returns Classification: Internal Use 16  Fifth Third Bancorp | All Rights Reserved

COVID-19 hardship relief summary Payment deferrals % of Total loans As of: In payment deferral programs 1 6/30/20 8/31/20 9/30/20 All percentages shown represent balances rather Commercial loans & leases: 5% 1% 1% than accounts Commercial and industrial loans 3% 0% 0% Commercial mortgage 15% 4% 3% Commercial construction 7% 5% 3% Commercial leases 4% 0% 0% Consumer Loans: 8% 5% 4% Residential mortgage loans 2 9% 8% 7% Home equity 4% 4% 3% Indirect secured consumer loans 10% 2% 1% Credit card 7% 1% 1% Other consumer loans 4% 1% 1% Total portfolio loans and leases 6% 2% 2% Consumer: Commercial: • ~15% of consumer exits (ex. mortgage) have re-enrolled in • ~5% of commercial exits have requested additional payment relief additional hardship relief • ~30% of mortgage balances in program represent borrowers making • Commercial clients representing ~$8BN in loan balances have 1 or more payments despite the relief been granted covenant relief • $0.4BN of mortgages as of 9/30 have exited forbearance; virtually all • COVID-19 high impact portfolio payment deferral rate less than mortgage borrowers are either still in COVID-19 relief programs or 3%, down from 15% last quarter just exiting 180-day relief (i.e. not 30+ days delinquent) 3 • ~93% of consumer exits (ex. mortgage-related) are current3 • ~96% of commercial exits are current 1Includes loans and leases that are still in initial payment relief period (primarily mortgage-related loans) and loans that have requested additional relief 2Excludes loans previously sold to GNMA that the Bancorp had the option to repurchase as a result of forbearance 3For loans still in an active relief period, past due status is based on the borrower's status as of March 1, 2020, as adjustedClassification: based on the Internalborrower's Use compliance with modified loan terms 18  Fifth Third Bancorp | All Rights Reserved

Oil & gas portfolio remains well positioned $2.3BN I 2.1% of total loans Oil & Gas Balance Mix RBL 64% utilization 7% Oil & Gas Oil / Gas Mix 56% / 44% Production Reserve-Based Structure 96% 9% 4% $0.3BN I 0.3% of total loans 98% 2% Midstream 22% utilization Refining Midstream Oil / Gas Mix 60% / 40% Asset-Based Structure 10% 79% $0.2BN I 0.2% of total loans Oilfield Services 76% utilization Total Loans Ex. Oil & Gas (OFS) Asset-Based Structure 60% Meaningful improvements from last cycle which had already exhibited strong performance 2015 3Q20 • Portfolio is less levered and more hedged than before the last downturn • $24MM total energy portfolio losses from 2015-2016 downturn Fifth Third RBL client cash flow 4.7x 2.4x leverage • RBL clients are well-hedged against lower commodity prices; By year- end, clients hedged more than 50%: Fifth Third RBL balance % 44% 79% – 2020: ~75%; 2021: ~39% • Deliberately underweight in OFS which we believe will exhibit higher Fifth Third OFS balance % 18% 7% losses in a down cycle Totals represent percentage of Fifth Third’s total loans & leases of $113.1 billion; Hedge information based on proved developed producing (PDP) reserves Classification: Internal Use 19  Fifth Third Bancorp | All Rights Reserved

Cash flow hedges continue to protect NIM for next 4 years Cash flow hedges projection Notional value of cash flow hedges ($ Billions) $11 $11 $11 $11 $11 $11 $11 $11 $11 $10 $10 $10 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $6 $6 $5 $3 $3 $4 $8 $8 $8 $8 $8 $8 $8 $8 $8 $7 $7 $7 $3 $3 $3 $3 $2 $1 $1 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Floors Swaps ($3BN @ 2.25% 1-month ($8BN @ 3.02% receive LIBOR strike) fixed / pay 1-month LIBOR) Hedges expected to generated an annual NII benefit of ~$300MM through 4Q22 relative to an unhedged position Assuming no change to 1ML beyond 10/20/2020 Classification: Internal Use 20  Fifth Third Bancorp | All Rights Reserved

Balance sheet positioning Commercial loans 1,2,3 Consumer loans 1 Investment portfolio Long-term debt 4 $21.5BN fixed 3 | $44.3BN variable 1,2 $31.0BN fixed | $8.5BN variable 1 $12.2BN fixed | $2.9BN variable 4 • 1ML based: 54% 6 • 1ML based: 2% 7 • 59% allocation to bullet/ • 1ML based: 8% 8 locked-out cash flow securities • 3ML based: 7% 6 • 12ML based: 2% 7 • 3ML based: 11% 8 6 7 • Yield: 3.01% • Prime based: 5% • Prime based: 18% 5 • Weighted avg. life: 4.2 years • Other based: 2% 6,9 • Weighted avg. life: 3.0 years • Effective duration of 4.6 • Weighted avg. life: 1.7 years • Net unrealized pre-tax gain: $2.7BN 5% 2% • 98% AFS 4% 5% 7% 9% 20% 26% 21% 16% 33% 41% 71% 72% 14% 54% C&I 35% Fix | 65% Variable Resi mtg.& 95% Fix | 5% Variable Level 1 100% Fix | 0% Variable Senior debt 81% Fix | 19% Variable construction Coml. 22% Fix | 78% Variable Auto/Indirect 100% Fix | 0% Variable Level 2A 100% Fix | 0% Variable Sub debt 78% Fix | 22% Variable mortgage Coml. Non-HQLA/ Auto securiz. 99% Fix | 1% Variable 1% Fix | 99% Variable Home equity 10% Fix | 90% Variable 68% Fix | 32% Variable construction Other proceeds 18% Fix | 82% Variable Includes $3.4BN non-agency CMBS Coml. lease 100% Fix | 0% Variable Credit card Other 85% Fix | 15% Variable (All super-senior, AAA-rated securities; Other 63% Fix | 37% Variable 62% WA LTV, ~39% credit enhancement) • The information above incorporates the impact of $11BN in cash flow hedges ($8BN in C&I receive-fixed swaps, $3BN in floors with a 2.25% strike against 1ML) as well as ~$2BN fair value hedges associated with long term debt (receive-fixed swaps) • The impacts of PPP loans (given the expected temporary nature) are excluded Data as of 9/30/20; 1Excludes HFS Loans & Leases; 2Fifth Third had $11B of variable loans classified as fixed given the impacts of $3BN in floors with a 2.25% 1ML strike and $8BN in receive-fix swaps; 3Excludes ~$5BN in Small Business Administration Paycheck Protection Program (PPP) loans; 4Fifth Third had $705MM 3ML receive-fix swaps and $1.25B 1ML receive-fix swaps outstanding against long-term debt, which are being included in floating, long-term debt with swaps outstanding reflected at fair value; 5Effective duration of the taxable available for sale portfolio; 6As a percent of total commercial, excluding PPP loans; 7As a percent of total consumer; 8As a percent of total long-term debt; 9Includes 12ML, 6ML, Classification:and Fed Funds Internal based Useloans 21  Fifth Third Bancorp | All Rights Reserved

Interest rate risk management NII is asset sensitive in year 1 and year 2 to rising Estimated NII sensitivity profile and ALCO policy limits rates. % Change in NII (FTE) ALCO policy limit • As of September 30, 2020, 50% of HFI loans were 13 to 24 13 to 24 variable rate net of existing hedges (67% of total Change in interest rates (bps) 12 months months 12 months months commercial; 22% of total consumer) 1 +200 Ramp over 12 months 3.26% 10.15% (4.00%) (6.00%) • ~87% of $48BN commercial portfolio indexed to 1ML +100 Ramp over 12 months 1.66% 5.34% NA NA have floors at or above a 0% index • Investment portfolio effective duration of 4.6 2 Estimated NII sensitivity with deposit beta changes • Short-term borrowings represent approximately 7% of total wholesale funding, or 1% of total funding Betas 25% higher Betas 25% lower 13 to 24 13 to 24 • Approximately $12.6 billion in non-core funding Change in interest rates (bps) 12 months months 12 months months matures beyond one year +200 Ramp over 12 months (0.64%) 3.08% 7.16% 17.21% +100 Ramp over 12 months (0.28%) 1.84% 3.61% 8.84% Interest rate sensitivity tables leverage the following deposit assumptions: • Beta on all interest-bearing deposit and sweep Estimated NII sensitivity with demand deposit balance changes balances: 71% up and 38% down 3 % Change in NII (FTE) • No modeled re-pricing lag on deposits $1BN balance decline $1BN balance increase 13 to 24 13 to 24 • Utilizes forecasted balance sheet with $750MM DDA runoff (per 100 bps rate movement) assumed in up Change in Interest Rates (bps) 12 months months 12 months months rate scenarios +200 Ramp over 12 months 3.04% 9.68% 3.48% 10.61% +100 Ramp over 12 months 1.55% 5.11% 1.77% 5.58% • Weighted interest-bearing deposit floor of 6 bps 1 Excludes ~$5BN in Small Business Administration Paycheck Protection Program (PPP) loans 2 Effective duration of the taxable available for sale portfolio; 3Re-pricing percentage or “beta” is the estimated change in yield over 12 months as a result of a shock or ramp 100 bps parallel shift in the yield curve Note: data as of 09/30/20; actual results may vary from these simulated results due to differences between forecasted and actual balance sheet composition, timing, magnitude, and frequency of interest rate changes, as well as other changes in market conditions and management strategies. Classification: Internal Use 22  Fifth Third Bancorp | All Rights Reserved

Strong liquidity profile Holding company: Unsecured debt maturities • Holding Company cash as of September 30, 2020: $4.6B $ millions – excl. Retail Brokered & Institutional CDs $5,487 • Cash currently sufficient to satisfy all fixed obligations in a stressed environment for ~31 months (debt maturities, common and preferred dividends, interest, and other $3,150 expenses) without accessing capital markets, relying on $2,250 dividends from subsidiaries or any other actions $1,500 $1,150 • The Holding Company issued $350MM of preferred stock in 3Q20 $0 ‒ The first dividend for Series L was paid in September 2020 2021 2022 2023 2024 2025 on 2020 Fifth Third Bancorp Fifth Third Bank Fifth Third Financial Corp • The Holding Company did not issue any long-term debt in 3Q20 Heavily core funded Bank entity: As of 9/30/2020 • The Bank did not issue long-term debt in 3Q20 Long- • $1.05B of Bank entity debt was redeemed in 3Q20 term Other • Available and contingent borrowing capacity (3Q20): liabilities debt Short term 3% Equity 7% Demand ‒ FHLB ~$17.5B available, ~$17.8B total borrowings 11% 26% 1% ‒ Federal Reserve ~$26.6B Non-core deposits 2% Foreign Interest Office Savings/ checking <1% MMDA 24% Consumer 24% time 2% Classification: Internal Use 23  Fifth Third Bancorp | All Rights Reserved

Mortgage banking results Mortgage banking net revenue $ millions $120 $99 $76 $95 $19 • Mortgage banking revenue $10 $73 $63 $66 $4 $67 decreased $23 million from prior $71 $72 quarter and decreased $19 million from year-ago quarter $95 $81 $93 $64 $49 ($1) • $4.5BN in originations, up 35% ($8) ($50) ($52) ($47) ($58) compared to the year-ago quarter ($75) and up 32% from prior quarter; 36% 3Q19 4Q19 1Q20 2Q20 3Q20 purchase volume Gross Origination fees and servicing Net MSR MSR decay gains on loan sale fees Valuation • 3Q20 mortgage banking drivers: Mortgage originations and gain-on-sale margin 1 $ billions $4.53 ‒ Unfavorable MSR decay and $4.01 net MSR valuation impact $3.79 $1.11 $3.35 $0.82 $3.42 compared to prior quarter $1.04 $0.86 3.76% ‒ Gain on sale margin down 126 bps sequentially 2.50% 2.32% 2.23% 1.56% $2.49 $2.74 $3.19 $2.41 $3.42 3Q19 4Q19 1Q20 2Q20 3Q20 Originations HFS Originations HFI Margin 1Gain-on-sale margin represents gains on all loans originated for sale Classification: Internal Use 24  Fifth Third Bancorp | All Rights Reserved

Remaining TRA income schedule Estimated potential GAAP noninterest income recognition 1,2 $ Millions; pre-tax Includes $73 deferred 2019 benefit 3 $44 $45 $22 $11 4Q20 4Q21 4Q22 4Q23 4Q24 1Assumes FIS will have sufficient taxable income to utilize TRA related deductions and have a marginal tax rate of 25%; 2See forward-looking statements on page 2; 3Management assumes the deferred 2019 TRA payment will be recognized in 2020 Classification: Internal Use 25  Fifth Third Bancorp | All Rights Reserved

Expected impacts of MB purchase accounting 1 Net Core Deposit Intangible Amortization Purchase Accounting Accretion 6 $38 5 5 4 4 4 3 (4) (4) (5) (5) (5) (5) (5) ($ in($ millions) (7) (9) (9) (9) (9) (10) (11) 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 • Reflects purchase accounting impacts exclusively related to the MB Financial acquisition • Projected purchase accounting accretion from the non-PCD loan portfolio represents scheduled amortization, and does not include impact of any accelerated payoffs 1See forward-looking statements on page 2 of this presentation. Classification: Internal Use 26  Fifth Third Bancorp | All Rights Reserved

Balance and credit loss trends 1 Commercial & industrial Residential mortgage $59.0 $54.0 $51.2 $50.9 $51.6 $16.7 $16.7 $16.7 $16.6 $16.6 0.39% 0.45% 0.31% 0.22% 0.28% 0.07% 0.03% 0.02% 0.02% (0.02%) 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Commercial mortgage Home equity $10.7 $10.8 $11.0 $11.2 $11.1 $6.3 $6.1 $6.0 $5.8 $5.6 0.59% 0.39% 0.16% 0.17% 0.07% 0.07% 0.06% 0.07% (0.01%) (0.02%) 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Commercial construction Indirect secured consumer loans $12.6 $11.8 $12.1 $5.5 $5.5 $11.3 $5.3 $5.3 $5.1 $10.7 0.56% 0.50% 0.43% 0.24% 0.11% 0.00% 0.00% 0.00% 0.00% 0.00% 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Average portfolio balance NCOs as a % of average portfolio loans 1All balances are in billions Classification: Internal Use 27  Fifth Third Bancorp | All Rights Reserved

NPL rollforward 1 Commercial $ millions 3Q19 4Q19 1Q20 2Q20 3Q20 Balance, beginning of period $ 390 $ 349 $ 397 $ 445 $ 487 Transfers to nonaccrual status 32 165 176 173 299 Transfers to accrual status - - (31) - (3) Transfers to held for sale - (17) (6) (4) (1) Loan paydowns/payoffs (44) (60) (31) (50) (42) Transfers to OREO - (1) - - - Charge-offs (34) (40) (61) (81) (66) Draws/other extensions of credit 5 1 1 4 14 Balance, end of period $ 349 $ 397 $ 445 $ 487 $ 688 Consumer $ millions 3Q19 4Q19 1Q20 2Q20 3Q20 Balance, beginning of period $ 131 $ 133 $ 221 $ 202 $ 213 Transfers to nonaccrual status 46 136 63 92 66 Transfers to accrual status (21) (21) (51) (66) (56) Transfers to held for sale - - - - - Loan paydowns/payoffs (10) (13) (14) (11) (12) Transfers to OREO (3) (3) (7) - - Charge-offs (10) (11) (10) (5) (8) Draws/other extensions of credit - - - 1 - Balance, end of period $ 133 $ 221 $ 202 $ 213 $ 203 Total NPL $ millions $ 482 $ 618 $ 647 $ 700 $ 891 Total new nonaccrual loans - HFI $ 78 $ 301 $ 239 $ 265 $ 365 1Loan balances exclude nonaccrual loans HFS Classification: Internal Use 28  Fifth Third Bancorp | All Rights Reserved

3Q20 adjustments and notable items Adjusted EPS of $0.85 1 3Q20 reported EPS of $0.78 included a negative $0.07 impact from the following notable items: • $22 million pre-tax (~$17 million after-tax 2) charge related to the valuation of the Visa total return swap • $19 million pre-tax (~$15 million after-tax 2) charge related to restructuring severance expense • $10 million pre-tax (~$8 million after-tax 2) charge related to branch and non-branch real estate charges • $9 million pre-tax (~$7 million after-tax 2) charge related to rent impairment charges • $5 million pre-tax (~$4 million after-tax 2) in expenses related to COVID-19 3 1Average diluted common shares outstanding (thousands); 718.894; 2Assumes a 23% tax rate; 3COVID-19 related expenses include incremental costs incurred for enhanced cleaning measures, personal protective equipment, one-time employee bonuses (entirely in 2Q20), and other supplies in response to the COVID-19 pandemic; all adjusted figures are non-GAAP measures; see reconciliation on pages 30 and 31 of this presentation and the use of non-GAAP measures on pages 26-28 of the earnings release; Classification: Internal Use 29  Fifth Third Bancorp | All Rights Reserved

Regulation G non-GAAP reconciliation Fifth Third Bancorp and Subsidiaries Regulation G Non-GAAP Reconciliation For the Three Months Ended $ and shares in millions September June March December September (unaudited) 2020 2020 2020 2019 2019 Net income (U.S. GAAP) (a) $581 $195 $46 $734 $549 Net income (U.S. GAAP) (annualized) (b) $2,311 $784 $185 $2,912 $2,178 Net income available to common shareholders (U.S. GAAP) (c) $562 $163 $29 $701 $530 Add: Intangible amortization, net of tax 9 9 10 11 11 Tangible net income available to common shareholders (d) $571 $172 $39 $712 $541 Tangible net income available to common shareholders (annualized) (e) $2,272 $692 $157 $2,825 $2,146 Net income available to common shareholders (annualized) (f) $2,236 $656 $117 $2,781 $2,103 Average Bancorp shareholders' equity (U.S. GAAP) (g) $22,952 $22,420 $21,713 $21,304 $21,087 Less: Average preferred stock (h) (2,007) (1,770) (1,770) (1,770) (1,445) Average goodwill (4,261) (4,261) (4,251) (4,260) (4,286) Average intangible assets and other servicing rights (164) (178) (193) (194) (208) Average tangible common equity (i) $16,520 $16,211 $15,499 $15,080 $15,148 Less: average accumulated other comprehensive income ("AOCI") (2,919) (2,702) (1,825) (1,416) (1,444) Average tangible common equity, excluding AOCI (j) $13,601 $13,509 $13,674 $13,664 $13,704 Adjustments (pre-tax items) Valuation of Visa total return swap 22 29 22 44 11 Private equity write-down - - 15 - - Merger-related expenses - 9 7 9 28 Contribution to Fifth Third Foundation - - - 20 - Gain recognized from Worldpay TRA transaction - - - (345) - Unfavorable credit valuation adjustment (CVA) - - 36 - - Restructuring severance expense 19 - - - - Rent impairment charges 9 - - - - Branch and non-branch real estate charges 10 12 - - - COVID-19-related expenses 2 5 12 - - - FHLB debt extinguishment charge - 6 - - - Adjustments - after-tax 1 (k) 51 52 62 ($202) 30 Adjusted net income [(a) + (k)] $632 $247 $108 $532 $579 Adjusted net income (annualized) (l) $2,514 $993 $434 $2,111 $2,297 Adjusted net income available to common shareholders [(c) + (k)] $613 $215 $91 $499 $560 Adjusted net income available to common shareholders (annualized) (m) $2,439 $865 $366 $1,980 $2,222 Adjusted tangible net income available to common shareholders [(d) + (k)] $622 $224 $101 $510 $571 Adjusted tangible net income available to common shareholders (annualized) (n) $2,474 $901 $406 $2,023 $2,265 Average assets (o) $202,533 $198,387 $171,871 $169,327 $169,585 Metrics: Return on assets (b) / (o) 1.14% 0.40% 0.11% 1.72% 1.28% Adjusted return on assets (l) / (o) 1.24% 0.50% 0.25% 1.25% 1.35% Return on average common equity (f) / [(g) + (h)] 10.7% 3.2% 0.6% 14.2% 10.7% Adjusted return on average common equity (m) / [(g) + (h)] 11.6% 4.2% 1.8% 10.1% 11.3% Return on average tangible common equity (e) / (i) 13.8% 4.3% 1.0% 18.7% 14.2% Adjusted return on average tangible common equity (n) / (i) 15.0% 5.6% 2.6% 13.4% 15.0% Adjusted return on average tangible common equity, excluding AOCI (n) / (j) 18.2% 6.7% 3.0% 14.8% 16.5% See pages 26-28 of the earnings release for a discussion on the use of non-GAAP financial measures; 1Pre-tax items: for all periods assume a 23% tax rate, except for merger-related expenses impacted by certain non-deductible items; 2COVID-19 related expenses include incremental costs incurred for enhanced cleaning measures, personal protective equipment, one-time employee bonuses (entirely in 2Q20), and other supplies in response toClassification: the COVID-19 Internalpandemic Use 30  Fifth Third Bancorp | All Rights Reserved

Regulation G non-GAAP reconciliation Fifth Third Bancorp and Subsidiaries Regulation G Non-GAAP Reconciliation For the Three Months Ended $ and shares in millions September June March December September (unaudited) 2020 2020 2020 2019 2019 Average interest-earning assets (a) $180,704 $176,224 $151,213 $149,312 $148,854 Net interest income (U.S. GAAP) (b) $1,170 $1,200 $1,229 $1,228 $1,242 Add: Taxable equivalent adjustment 3 3 4 4 4 Net interest income (FTE) (c) $1,173 $1,203 $1,233 $1,232 $1,246 Less: Net interest income impact from purchase accounting accretion 13 15 16 18 28 Adjusted net interest income (d) $1,160 $1,188 $1,217 $1,214 $1,218 Net interest income (FTE) (annualized) (e) $4,667 $4,838 $4,959 $4,888 $4,943 Adjusted net interest income (FTE) (annualized) (f) $4,615 $4,777 $4,895 $4,816 $4,832 Noninterest income (U.S. GAAP) (g) $722 $650 $671 $1,035 $740 Valuation of Visa total return swap 22 29 22 44 11 Gain recognized from Worldpay TRA transaction - - - (345) - Private equity write-down - - 15 - - Branch and non-branch real estate charges 10 12 - - - Adjusted noninterest income (h) $754 $691 $708 $734 $751 Add: Securities (gains)/losses (51) (21) 24 (10) (5) Adjusted noninterest income, (excl. securities (gains)/losses) $703 $670 $732 $724 $746 Noninterest expense (U.S. GAAP) (i) $1,161 $1,121 $1,200 $1,160 $1,159 Contribution for Fifth Third Foundation - - - (20) - Restructuring severance expense (19) - - - - Rent impairment charges (9) - - - - COVID-19-related expenses 1 (5) (12) - - - FHLB debt extinguishment charge - (6) - - - Unfavorable credit valuation adjustment (CVA) - - (36) - - Merger-related expenses - (9) (7) (9) (28) Adjusted noninterest expense $1,128 $1,094 $1,157 $1,131 $1,131 Less: Intangible amortization 12 12 13 14 14 Adjusted noninterest expense excl. intangible amortization expense (j) $1,116 $1,082 $1,144 $1,117 $1,117 Metrics: Pre-provision net revenue [(c) + (g) - (i)] 734 732 704 1,107 827 Adjusted pre-provision net revenue [(d) + (h) - (j)] 798 797 781 831 852 Net interest margin (FTE) (e) / (a) 2.58% 2.75% 3.28% 3.27% 3.32% Adjusted net interest margin (FTE) (f) / (a) 2.55% 2.71% 3.24% 3.22% 3.25% Efficiency ratio (FTE) (i) / [(c) + (g)] 61.3% 60.5% 63.0% 51.2% 58.4% Adjusted efficiency ratio (j) / [(d) + (h)] 58.3% 57.6% 59.4% 57.3% 56.7% See pages 26-28 of the earnings release for a discussion on the use of non-GAAP financial measures; 1COVID-19 related expenses include incremental costs incurred for enhanced cleaning measures, personal protective equipment, one-time employee bonuses Classification:(entirely in 2Q20), Internal and other Use supplies in response to the COVID-19 pandemic 31  Fifth Third Bancorp | All Rights Reserved


						FIFTH THIRD BANCORP
						(Registrant)

Date: October 22, 2020						/s/ TAYFUN TUZUN

						Tayfun Tuzun
						Executive Vice President and Chief Financial Officer